David Tepper’s hedge fund dumped its entire Apple stake ahead of the billionaire's expected purchase of the Carolina Panthers (AAPL)
- 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.
David Tepper’s hedge fund, Appaloosa Management, exited its stake in Apple during the first quarter, documents filed Tuesday show.
At Tuesday’s prices, the sale of 4,587,852 shares would be worth more than $853 million.
The sale was made public in a form known as a 13-F, which all institutional asset managers are required to file after each quarter. Because funds are only required to disclose their current holdings, it’s not clear when or at what price the fund sold off its stake.
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.
The fund, whose holdings of public securities fell 7.1% to $9.71 billion in the quarter, also added a new stake in Wells Fargo while upping its stake in MGM and Google-parent Alphabet
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Wednesday, May 16, 2018
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