Bill Gates invests in JJB Sports
BILL Gates’s charitable foundation has increased its holding in the Wigan-based sportswear retailer JJB Sports according to information released by the company.
The announcement to the stock exchange shows that the Microsoft billionaire increased his stake in the business to 3.14% on July 14.
The market responded well to the news and shares in the business are up 16% at 29p.
Said to be the world’s richest man, Mr Gates bought the shares through the Bill & Melinda Gates Foundation Trust, the couple’s philanthropic foundation which has received backing from the legendary investor Warren Buffet.
The foundation bought 800,000 shares in JJB when they were worth around 20p. The statement shows that the foundation previously held 7 million shares in the company which has grappled with its debts this year, avoiding insolvency after striking a deal with creditors.
The Bill & Melinda Gates Foundation is said to be the richest organsiation of its kind in the world with assets of around £15bn. Its goals are to promote health and education in underprivileged communities.
