George Soros dumped his stake in Snap and increased positions in cable companies
- George Soros' hedge fund submitted its quarterly disclosure on Wednesday.
- The fund disclosed that it had exited its position in Snap, and decreased its position in other tech companies.
- The fund increased its position in a number of cable companies.
- Watch Snap move in real time.
Legendary investor George Soros' hedge fund, Soros Fund Management, disclosed on Wednesday that it had completely exited its $27.5 million position in Snap.
Shares of Snap are down 1.59% to about $12.37 after the news.
Soros, who made his fortune by famously shorting the pound in 1992, disclosed his Snap exit in a quarterly 13-F filing, which is required every three months by the SEC from funds valued at more than $100 million. Other notable positions from the filing include:
- Entered a position in Comcast (CMCSA) worth about $47.3 million.
- Increased position in Time Warner Cable (TWX) by 71% to $104.5 million.
- Decreased a position in Facebook (FB) by 77% to $18.7 million.
- Decreased a position in Paypal (PYPL) by 59% to $18.4 million.
At the end of the quarter, Soros top positions were in Liberty Broadband, Time Warner Cable, and Tivo Corp. It's worth noting that Soros' fund could have changed its positions since the time of the filing.
According to the filing, Soros' fund rose about 18% in value during the third quarter to $3.80 billion, while the S&P 500 gained just 4%.
