General Electric wants to sell its venture capital business to help pay off its debts – SiliconANGLE News
General Electric Co. is looking to sell off its venture capital investment business, GE Ventures, which has a portfolio of more than 100 startups under its wing.
GE is selling the business in order to help stave off its mounting debts, CNBC reported. The company is said to be in a difficult financial position, with debts of more than $110 billion as of March 31. Even worse, that debt is still growing as the company is burning through cash while Chief Executive Officer Larry Culp tries to orchestrate a multiyear turnaround, the report said.
GEs faltering finances have spooked investors, who have sent the firms stock down 23% in the past year. The company is also said to be under investigation over its accounting practices, relating…