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- Oprah Winfrey announced Wednesday that she's leaving WeightWatchers.
- The company's stock quickly plummeted, proving Winfrey still has massive cultural influence.
- The media mogul has long been heralded for her powerful "golden touch."
Oprah Winfrey's long-standing "golden touch" — and its reciprocal power — remain fully intact, evidenced by the Thursday morning plunge of WeightWatchers stock after the TV personality announced she was leaving the company on Wednesday night.
For decades, Winfrey has been heralded for her Midas-like influence. Since launching The Oprah Winfrey Show in 1986, she has kept her finger on and helped create the cultural pulse, endorsing products and services that subsequently skyrocketed in popularity.
Books chosen for her book club grace bestseller lists and land movie deals time and time again. Her TV show guests and proteges regularly go on to future fame, such as Dr. Phil, Dr. Oz, and Suze Orman, all of whom landed their own shows after making appearances on Winfrey's. And her candidacy is frequently discussed as a potential political salve for a fractured nation.
But Winfrey's incredible influence works both ways.
The media mogul announced Wednesday evening that she was stepping down from her position at WW International, known as WeightWatchers, after nine years on its board of directors.
WeightWatchers shares plummeted 25% after the news broke. On Thursday, WeightWatchers stock was worth $3.12 — down from a 2021 high of $40. Winfrey is leaving a year earlier than anticipated; her contract went until 2025.
Winfrey's involvement had the opposite effect on WeightWatchers in October 2015 when she purchased 10% stake in the company and cemented her place as its public face.
WeightWatchers' value jumped by $700 million in just two days after Winfrey joined the company in 2015, with shares more than doubling.
But WeightWatchers and other weight loss companies have struggled in the recent Ozempic-era, as GLP1 medications become more accessible and commonplace.
Winfrey said last year that she uses weight-loss medications to maintain her weight, declining to say which specific drug she takes.
"I'm absolutely done with the shaming," Winfrey told People Magazine.
(Evidence suggests Winfrey's endorsement of GLP-1 medications sparked a spike in demand for them, as well. )
WeightWatchers has tried to keep pace with the influx of weight loss medications, recently purchasing a telehealth provider that gives access to the drugs and launching its own subscription program for people using GLP-1 medications.
Winfrey said she would donate her stake in WeightWatchers to the National Museum of African American History and Culture.
In a joint statement released Wednesday, Winfrey said she looked forward to continuing to advise and collaborate with WeightWatchers, while chairman of the board Thilo Semmelbauer praised Winfrey's "inspiring presence" and passionate advocacy on behalf of the company for nearly a decade.
The statement said WeightWatchers' board of directors is supportive of Winfrey's proposal to donate her stock to the museum.
"On behalf of the Board, I would like to thank her for her energy, dedication, and for continuing to play a role as collaborator and thought partner going forward," Semmelbauer said. "What I know for sure, we will dearly miss her presence on the Board."