Photo by Domain Barnyard. Licensed under Creative Commons license 2.0.
Bill Gates is taking a big hit to get out of his ethanol investments. According to the Sacramento Bee and Earth2Tech, Gates' investment firm, Cascade Investment, has sold off over two million shares of Pacific Ethanol since April. The sales are coming at a loss, but Pacific Ethanol CEO Neil Koehle told the Bee that Gates' sell off isn't worrying him. Sure, it must be comforting that one of your early investors is moving from a 20 percent share to only 10 percent and losing money while doing it. This Seattle Post-Intelligencer blog post wonders if the sell-off is purely PR (does Gates the philanthropist want to be seen supporting biofuels in the food vs. fuel debate?) or simply financial (the Pacific Ethanol stock has lost about half its value compared to a year ago, after all, and had to stop building an ethanol project in Imperial Valley).
[Source: Earth2Tech, Sacramento Bee, Seattle Post-Intelligencer]