An investment fund controlled by Microsoft founder Bill Gates has purchased 5 percent of the stock in Deere & Co., according to a published report by The Des Moines Register. Deere & Co. is the agricultural and construction equipment maker that is Iowa’s largest manufacturing employer.
According to The Des Moines Register, an SEC filing revealed that Gates’ Cascade Investment LLC bought just under 21 million shares of Deere. The revelation didn’t help Deere’s stock on Wednesday, when it traded down $2 per share to dip below $69 amidst a large selloff on the New York Stock Exchange.
Cascade has given no indication that it would seek a seat on Deere’s board or any voice in management.
Source: The Des Moines Register