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Ron Burkle's made a major blunder with his recent Barnes & Noble investment, says the New York Post. According to a regulatory filing, the billionaire investor dropped $11 million on 603,000 shares of Barnes & Noble this week, at an average cost of $18.49 each—completely missing out on last week’s 30 percent surge in the company's stock price following a buyout offer from Liberty Media’s John Malone, which valued the company at more than $1 billion.
“It's pathetic that Burkle, who was one of Barnes & Noble's biggest shareholders for the past two years, needs to be taught by John Malone that there's value in the stock,” one of the bookseller’s investors told the Post.
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