David Tepper's hedge fund dumped its entire Apple stake ahead of the billionaire's expected purchase of the Carolina Panthers
- Appaloosa Management, run by billionaire David Tepper, sold off its entire stake of Apple last quarter.
- Tepper is expected to purchase the Carolina Panthers NFL team for $2.2 billion, it was reported Tuesday.
- Follow Apple's stock price in real-time here.
Regardless, Tepper likely saw a hefty profit thanks to the appreciation of Apple even in recent months. Since November, when a smaller stake was first disclosed by Appaloosa, the stock has risen 9%. The fund's initial purchase happened some time between July and September, when Apple shares were even lower.Tuesday's filings come just hours after Tepper reportedly agreed to buy the Carolina Panthers from team founder Jerry Richardson for $2.2 billion. The purchase is pending a vote at the NFL owners meeting next week in Atlanta.
Appaloosa's holdings of public securities fell 7.1% to $9.71 billion in the quarter, analysis from Bloomberg shows.
- Top stocks to watch — Hero Moto, Airtel, Tata Motors, ICICI Bank, Adani Gas, Marico, Titan, Dr Reddy’s and others
- Apophis, the ‘God of Chaos’ asteroid is speeding up — increasing the likelihood of it hitting Earth in 2068
- Sputnik V: RDIF seeks vaccine's speedy registration, prequalification from WHO
- Ankhi Das quits as Facebook's India public policy head
- States urged to adopt national approach: Niti Aayog on 'free vaccine'