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15 Nov, 2017 13:13

Billionaire investor George Soros dumps Apple & Facebook

Billionaire investor George Soros dumps Apple & Facebook

US Securities and Exchange Commission (SEC) filings show the George Soros' investment fund has disposed of its holdings in Apple and Snap in the last quarter, reducing stakes in other tech giants such as Facebook and Twitter.

According to the filings, the fund sold 1,700 shares of Apple and 1.55 million of Snap stock. It also reduced its stake in Twitter by 5,700 shares while still holding 18,400 shares of the social media site. The investor got rid of 367,262 shares in Facebook; he has now 109,451 of the network’s shares.

At the same time, the Soros hedge fund boosted its stake in Microsoft by 99,000 shares and in Amazon by 2,500 shares.

Snap stock tumbled on the news that another key shareholder has bailed from the struggling messaging app. The company is down over 48 percent since it went public in March. Apple, whose shares hit a record high last week, plunged almost three percent on Wednesday.

READ MORE: Investors eager to snap up Snap shares after successful IPO

Soros’ position contradicts that of another billionaire investor Warren Buffet who’s holding company Berkshire Hathaway almost quadrupled its stake in Apple earlier this year. According to an SEC filing, in the third quarter, the company also topped up on Apple, boosting its stake in the iPhone maker by 3.9 million to 134.1 million shares.