Author: GuruFocus / Source: Forbes
Facebook’s historic plunge has erased a reported $16 billion from CEO Mark Zuckerberg’s fortune this week, but it has not been kind to several hedge fund managers either.
Appaloosa’s David Tepper and Viking Global’s Andreas Halvorsen each has a substantial stake in the social network company that reported disappointing second-quarter earnings Thursday. Facebook occupied 10.3% of Tepper’s equity portfolio at the end of March, making it his second-largest position. Halvorsen made Facebook his largest position in the first quarter at 8.99% of the portfolio.
Fortunately for the fund managers, though they are watching their returns shrink, they have likely not taken a loss on the investments. Tepper’s quarterly average purchase prices were mostly around or below Thursday’s closing price of $176.26, with an average buy price of $156.
Similarly, Halvorsen bought most of his shares below Thursday’s level, with an average buy price of $146.
Facebook is down 1.07%…
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