as mentioned in Billionaire George Soros' investment management firm has saved millions after completely selling off its shares of Facebook and slashing its stakes in Netflix and Goldman Sachs just before the stocks nosedived, a report said Wednesday. Soros Management Fund saved $17.7 million in the fourth quarter by dumping the three stocks, Barron's reported. Goldman tumbled 15 percent in the fourth-quarter, while streaming-content giant Netflix plunged 29 percent since the end of September, according to Barron's. Meanwhile, the investment firm bought 91,200 shares of Chinese web giant Alibaba and 490,100 shares of chip maker Micron in the third quarter, Barron's reported. Both stocks have slid so far in the fourth quarter and could amount to a combined loss of $6.2 million for the firm, according to Barron's.
collected by :Roy Mark
George Soros sells Facebook, Netflix, and Goldman Sachs stock just before they nosedive
Billionaire investor George Soros sold shares of Facebook, Netflix, and Goldman Sachs just before those stocks took a nosedive in recent weeks - saving $17.7million. Billionaire investor George Soros sold shares of Facebook, Netflix, and Goldman Sachs just before those stocks took a nosedive in recent weeks - saving $17.7millionOn July 25, Facebook was selling at $217.50 a share. Facebook CEO Mark Zuckerberg (left) and COO Sheryl Sandberg (right) are seen aboveIt is ironic that Soros managed to sell Facebook shares before they nosedived. The head of the Open Society Foundations, a nonprofit group founded by Soros, blasted Facebook for promoting 'distortions' about Soros. In the last five weeks, Netflix shares are down by more than 15 per cent.George Soros Sold Facebook, Netflix, and Goldman Stock Just Before They Tumbled
referring to Soros Fund Management, which Soros founded and chairs, exited social-network giant Facebook (FB) completely in the third quarter, while also slashing positions in Netflix stock (NFLX) and Goldman Sachs Group stock (GS). Soros Fund Management revealed the investment changes in a filing to the Securities and Exchange Commission last week. While selling Facebook, Netflix, and Goldman stock, Soros Fund Management initiated positions in Alibaba Group Holding (BABA) and Micron Technology (MU), according to the filing. Soros Fund Management sold all its Facebook stock before the end of the third quarter, prior to publication of the New York Times report. Soros Fund Management also sold 106,400 shares of Netflix in the third quarter, chopping its stake by 89%.collected by :Roy Mark
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