Soros’ latest investment dump could have something to do with politics. Fox News reports:
Billionaire George Soros’ investment management firm has saved millions after completely selling off its shares of Facebook and slashing its stakes in Netflix and Goldman Sachs just before the stocks nosedived, a report said Wednesday.
Soros Management Fund saved $17.7 million in the fourth quarter by dumping the three stocks, Barron’s reported.
Goldman tumbled 15 percent in the fourth-quarter, while streaming-content giant Netflix plunged 29 percent since the end of September, according to Barron’s. Facebook has fallen 20 percent in the fourth quarter, hitting an intraday low of $126.85 on Tuesday.
The firm’s stake in Goldman shrunk from 64,814 shares at the end of June, to 28,206 at the end of September, according to Barron’s. Goldman Sachs’ stock began its tumble earlier this month when the Justice Department revealed charges against two former employees for issuing bonds from 1Malaysia Development Bhd.
Following Facebook’s fight with Soros, this could be at the core of the decision.