A pair of hedge fund giants bought Snap shares last quarter
David Tepper's Appaloosa Asset management and Daniel Loeb's Third Point both acquired shares of Snap stock during the first quarter, filings show.
Appaloosa bought 100,000 shares representing a $2.25 million investment, while Third Point purchased 2.25 million shares for a total investment of almost $51 million.
Snap's had a disastrous run this week after the company reported earnings for the first time as a publicly traded company on May 10. The shares plunged 21% after that report, before rebounding slightly the next day.
Because the filing represents the transactions from the first quarter, it is impossible to know if the two funds lost money in Snap's post-earnings crash or even own the shares still. If neither investor has sold any shares, then today Appaloosa's investment would be worth $1.914 million and Third Point's $43.065 million
Financial giant Fidelity also gobbled up a significant chunk of Snap stock in the first quarter, the asset manager and broker-dealer purchased 33.2 million shares valued at $748.1 million.
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