Hedge fund manager, Stanley Druckenmiller.
Mark Lennihan/Associated Press
- Stanley Druckenmiller’s Duquesne Family Office sold its entire position in Facebook parent Meta last quarter.
- The New York-based firm unveiled new sizeable stakes in Snap and Chevron.
- Druckenmiller also dumped holdings in Penn National Gaming, Moderna, and Zoom Video.
Billionaire investor Stanley Druckenmiller’s family office ditched its $35.9 million stake in Facebook parent Meta last quarter, suggesting the social media company’s shift in focus to the metaverse may not have reflected an immediately bullish opportunity to him.
Druckenmiller’s Duquesne Family Office revealed a new stake worth $67 million in Snap, a Securities and Exchange Commission filing from Monday showed.
The New York-based firm, which manages Druckenmiller’s personal wealth, disclosed his biggest acquisition in the last quarter was a near-$100 million position in oil major Chevron.
The former hedge fund boss has been managing his own money through the family office since closing his fund, Duquesne Capital, in 2010. He has a net worth of $10.4 billion, according to the Bloomberg Billionaires Index.
He dumped his holdings in Meta before the company’s shocking 26% plunge in share price earlier this month. Meta lost more than $230 billion in value on February 3, the largest one-day loss in US corporate history, after posting a $10 billion operating loss from its metaverse business. It warned of further hefty losses this year due to the impact of Apple’s privacy changes.
Druckenmiller’s firm also dumped stakes in casino operator Penn National Gaming, COVID-19 vaccine developer Moderna, and pandemic-era winner Zoom Video Communications.
Its largest position is a $51 million stake in Coupang, also known as the “Amazon of South Korea.”
Recent securities filings from other billionaire investors suggest Big Tech has been fading from preferences even before January’s brutal tech sell-off. Quarterly 13F filings, required by the SEC for portfolios holding at least $100 million in US equities, provide a look at positions held by Wall Street’s largest stock pickers.
George Soros, the founder of Soros Fund Management, trimmed his positions in Amazon and Alphabet last quarter. His firm also slashed its position in the largest ETF that tracks the Nasdaq by 97% from the previous quarter to a stake now worth just $9.4 million.
In another example of well-timed investments, Warren Buffet’s Berkshire Hathaway revealed a billion-dollar stake in Activision Blizzard last quarter, before Microsoft agreed to acquire the video-games company in January.
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