Billionaire hedge fund managers David Tepper, owner of the Carolina Panthers NFL team and founder of Appaloosa Management, Karthik Sarma of SRS Investment Management and Philippe Laffont of Coatue Management have reduced their positions in Meta Platforms in the first quarter of this year, according to a report by The Motley Fool.
Despite trimming their positions, these investors have not completely exited. For instance, Meta remains David Tepper’s fourth-largest holding, constituting over 8% of Appaloosa’s portfolio.
This wave of selling comes on the heels of Meta’s 2023 stock performance, with shares up over 400% from their 2022 lows.
Meta’s shares were heavily discounted throughout 2022 and early 2023, driven by concerns over competition from TikTok, apprehension about ad spending and the broader economy, the impact of Apple’s privacy changes and significant investments in the metaverse.
