Eastman Kodak Stock Shrivel Hits Bill Gates.

As shares of Eastman Kodak tumble, some big investors are taking it on the chin.

The Journal reported that Kodak has hired restructuring advisers — a possible path to a bankruptcy filing. The disclosure — along with a story from Bloomberg News — is killing Kodak’s stock price. Recently, shares had lost more than half of their market value in minutes, down to a mere 69 cents.

The decline may be eating into two legendary men. Bill Miller is Kodak’s biggest stockholder. But Bill Gates’s charitable foundation is the ninth-biggest holder of Kodak stock as of June 30.

According to FactSet Lionshares, the Bill and Melinda Gates Foundation has owned Kodak shares since 2004, but only 100,000 shares. In recent years, the foundation has gradually been building its exposure, up to 5.75 million shares of Kodak stock at June 30, according to FactSet.

It’s not clear how much the Gates foundation paid for its stock, but Kodak shares have never been as low as they are this afternoon. We’re not talking about a huge amount of money on the Bill Gates scale. The foundation’s holdings in Kodak were valued at $20.6 million at the end of June. Now, the stock is worth $4.6 million.

If he’s lucky, Gates may have rid himself of Kodak stock between the end of the second quarter and today. Otherwise, his foundation is slightly less loaded.