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Bill Gates cuts stake in Pacific Ethanol

Fri Jun 6, 2008 6:07pm EDT

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LOS ANGELES, June 6 (Reuters) - Microsoft Corp (MSFT.O) founder Bill Gates in the last two weeks cut his stake in ethanol maker Pacific Ethanol Inc (PEIX.O) to 11.8 percent from 17 percent, according to a U.S. Securities and Exchange Commission filing on Friday.

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Gates' investment vehicle, Cascade Investment LLC, said in the filing it had nearly 6.08 million Pacific Ethanol shares as of June 4. On May 22, Cascade said it owned nearly 8.78 million shares of the company.

In May of last year, Cascade reported a 20.6 percent stake in Pacific Ethanol, according to a filing.

Pacific Ethanol shares are down 79 percent from their 52-week high of $15.10 in July of last year. Last month, the stock rose to $6.10, its highest since February, after the company reported better-than-expected quarterly results.

Since then, however, the stock has fallen sharply, closing at $3.14 on Friday. (Reporting by Nichola Groom)

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