SIRI - A Lot Has Happened to Sirius XM in 11 Years
When it comes to anniversaries, today is an important one for Sirius XM Holdings (NASDAQ: SIRI) investors. It was on this day 11 years ago -- Feb. 11, 2009 -- that the satellite-radio provider bottomed out at $0.05 a share.
There was a lot of negative noise swirling at the time, and Sirius XM itself wasn't shying away from the possibility of filing for bankruptcy. The merger between Sirius and XM had been completed months earlier, but the drawn-out process to clear regulatory hurdles left the deficit-saddled monopoly smarting for cash. A bidding war took place to bail Sirius XM out, and while it ultimately had to hand out a sizable position to what is now majority stakeholder Liberty Sirius XM (NASDAQ: LSXMA) to get it through a rough financial patch, you'd be lucky if you picked up shares of Sirius XM for a nickel apiece 11 years ago. The stock is a scintillating 144-bagger since hitting rock bottom.
Image source: Sirius XM Holdings.