George Soros has quietly purchased 17.4 million shares of struggling retailer J.C. Penney for $265 million, The Wall Street Journal reports. Soros is now the fourth biggest stakeholder in the company, although he plans to take a passive role.
According to WSJ:
"The vote of confidence in the company and apparently in the reshuffled management sent J.C. Penney shares up 6.3% to $16.20 in after-hours trading. That would be the highest the stock has traded since its chief executive Ron Johnson was ousted earlier this month."