Advanced driving assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) share price fell sharply on Friday to a record low after reports that Intel is considering options for selling part of its 88% stake in the Israeli company in order to ease its liquidity problems. The share price fell 8.5% to $11.55, giving a market cap of $9.4 billion, compared to $17 billion ($21 per share) at the time of its IPO in December 2022. RELATED ARTICLES Norges Bank halves Mobileye stake Mobileye slumps after cutting 2024 guidance Mobileye receives 46m orders for new EyeQ6 chip Amnon Shashua's AI empire comes up against Big Tech Mobileye's share price has fallen 73% since the start of the year due to lower forecasts, difficulties in the Chinese market, and the sale of over half of its 10.7% stake in the company by Norwegian central bank Norges Bank. Mobileye is now worth far less than the $15 billion at which it was acquired by Intel a decade ago. Published by Globes, Israel business news - en.globes.co.il - on September 8, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
