Billionaire hedge fund managers selling Meta Platforms stock after significant run

From Nasdaq: 2024-06-21 07:45:00

Several well-known billionaire hedge fund managers, including David Tepper and Philippe Laffont, were seen selling Meta Platforms stock in the first quarter of this year, likely to take profits after a significant run. The stock has rallied over 400% from its 2022 lows, making it a lucrative investment for many.

Despite concerns over competition from TikTok and Apple’s privacy changes, Meta Platforms saw strong revenue growth of 27% last quarter, reaching $36.5 billion. The company continues to invest in AI initiatives, such as Meta AI and Llama, to enhance user engagement and ad performance, ultimately driving revenue growth. Additionally, Meta remains a leading advertising platform with extraordinary reach.

While Meta’s stock is no longer as cheap as it was in late 2022, it still presents a long-term growth opportunity with its AI and metaverse initiatives. The company’s heavy investments in these areas could pay off significantly if successful, although the metaverse project remains a wild card. Overall, Meta Platforms appears to be a solid investment for the future, despite not being as much of a bargain as it was previously.



Read more at Nasdaq: Billionaires Are Deciding to Sell Shares of This Well-Known Stock