Clutch of hedge funds held Meta shares, may have been punished

Author of the article: TORONTO — Several hedge funds including Wellington Management Group, Sanders Capital and Tiger Global Management were among the funds that declared positions in Facebook owner Meta Platforms Inc at the end of September, and could potentially have been hurt by the wipe-out in shares. Shares of Meta on Thursday touched their…
Clutch of hedge funds held Meta shares, may have been punished

Author of the article:

TORONTO — Several hedge funds including Wellington Management Group, Sanders Capital and Tiger Global Management were among the funds that declared positions in Facebook owner Meta Platforms Inc at the end of September, and could potentially have been hurt by the wipe-out in shares.

Shares of Meta on Thursday touched their lowest level since July 2020 after the social media giant issued a dismal forecast in which it blamed increased competition and Apple’s privacy changes.

Polen Capital Management, Lone Pine Capital, Soroban Capital Partners, Egerton Capital and Marshall Wace also all held positions as of Sept. 30, the most recent U.S. regulatory filings showed.

Together, those eight hedge funds held more than 62 million shares as of Sept. 30, the most recent U.S. regulatory filings showed, which means they could have lost more than $5 billion in paper profits – if they still held those positions and had not hedged them.

Spokespeople for Marshall Wace, Lone Pine and Soroban declined to comment while Wellington, Sanders, Tiger Global, Polen and Egerton were not immediately available for comment.

(Reporting by Maiya Keidan in Toronto Editing by Matthew Lewis)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
ABC Announces Pricing of Previously Announced Financing Transactions
Read More

ABC Announces Pricing of Previously Announced Financing Transactions

Author of the article: TORONTO — ABC Technologies Holdings Inc. (TSX: ABCT) (“ABC Technologies”, “ABC” or the “Company”), a leading manufacturer and supplier of custom, highly engineered technical plastics and lightweighting innovations to the global automotive industry, today announced pricing of its previously announced private placement and rights offering which are intended to finance the…
Dollar regains ground as volatility starts to fade
Read More

Dollar regains ground as volatility starts to fade

Author of the article: HONG KONG — The Aussie and Kiwi dollars on Wednesday, gave up some of their gains from the day before, as a rally in riskier asset classes began to lose steam, though moves were muted as traders started to head out for the holidays. The Australian dollar lost 0.3% to $0.7130…
Russia’s war on Ukraine latest news: Kherson mops up after recapture
Read More

Russia’s war on Ukraine latest news: Kherson mops up after recapture

Author of the article: Utility companies in Kherson were working to restore critical infrastructure mined by fleeing Russian forces, with most homes in the southern Ukrainian city still without electricity and water, regional officials said on Sunday. KHERSON RECAPTURE Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post,…