Google is selling its 6.5% share in US-based 4G WiMAX network operator Clearwire for $47 million, substantially less than the $500 million it originally paid in 2008. In a statement, it said “Google periodically rebalances its investments based on its goals and its evaluation of market conditions”.
The original investment was made with a group of other tech and telecoms companies. Google had described it as ‘investing in the future of the open internet’.
[More details: Bloomberg.com; TechCrunch.com; WSJ.com]