Bridgewater Associates has 6 with old and new
The world’s largest hedge fund, led by billionaire Ray Dalio, has split from Tesla (TSLA) and placed new bets on meme-stock AMC (AMC) and GameStop (GME) in the first quarter, according to a filing commission with Securities and Exchange. The firm has also acquired new positions at Warren Buffett’s Berkshire Hathaway (BRK.B) and Airbnb (ABNB).
A previous regulatory report from Bridgewater indicated that the hedge fund owned 25,488 shares of Elon Musk’s Tesla at the end of last year.
But the electric-vehicle maker was not listed on the holding’s outline by the end of March 31, indicating a quarterly complete departure of the firm from Tesla. Prior to the cash out, previous trade reports showed that Bridgewater had Tesla stock for the entire 2021 period.
Bridgewater reported snatching a total of, 667,000 from retail-investors’ favorite Gamestop worth 4,136 shares and fellow meme-stock AMC’s 27,066 shares worth $ 689,000 over a three-month period.
Hedge Fund has not owned Gamestop since March 2018, when AMC Purchase marked its first entry into the movie theater giant, according to a regulatory release.
The firm’s departure from Tesla comes at a challenging time for the stock amid a wide-ranging disaster called technology and hyper-growth.
Shares of Tesla have been in positive territory for the last quarter, rising 1.97% to close at $ 1,077.60 per share as of March 31, but are down nearly 40% year-over-year despite strong first-quarter performance. The sale of Bridgewater’s Tesla stock came before CEO Musk, a social media platform, closely watched a deal to acquire Twitter.
Although stocks have declined over the years, recent rallies at GameStop and AMC have shown that traders are still betting on meme-stock frenzy, even in the broad sell-off of risky assets. Gamestop is down about 40% in 2022, while AMC stock is down about 60%.
The transaction report further shows that the bridgewater insurance and investment conglomerate has acquired a new partnership with Berkshire Hathaway, as well as a new position at Airbnb.
Alexandra Semenova is a reporter for Yahoo Finance. Follow him on Twitter Alexandrandnik
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