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George Soros buys Facebook shares
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George Soros
This spring billionaire George Soros bought stake in the social network Facebook, according to U.S. Securities and Exchange Commission (SEC).
The hedge fund manager purchased 341 000 shares of the social media company during the second quarter, SEC filings show.
Since hedge fund managers are not forced to specify when during a quarter they purchased stakes in various firms, it is not clear whether Soros bought the shares before of after Facebook IPO (initial public offering).
It should be added that the social network went public on May 18, 2012.
Nevertheless, experts estimate that, assuming Soros holds the same number of shares, he has lost at least $3 million since the purchase.
Facebook finished the second quarter, which ended June 30, at $30 a share. Since then the value of the shares has kept dropping. Facebook closed Tuesday, August 14, at just over $20 a share.
Experts add that the damage would be worse if he purchased shares at the $38 IPO price.
Meanwhile, it emerges Soros fled most of his financial holdings during the second quarter. He sold all his shares of large banks, including Goldman Sachs, Citigroup, JPMorgan Chase, Wells Fargo, Regions Financial and Fifth Third Bank.
He did hang onto his stake in SunTrust Banks, reports CNN.
Ref: 105.105.105.1998
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Bigidule @ 2013-05-20 15:22:24
45000 for these charlattans. They have money to waste unless it is bribe for some politics.
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jj @ 2013-05-19 19:31:35
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J. @ 2013-05-19 16:14:44
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Ilmars @ 2013-05-17 16:48:38
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Well @ 2013-05-17 11:44:03
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I will by FB it it comes lower, maybe at 10.