Druckenmiller Buys Facebook While Former Boss Soros Adds Tech Bets
Druckenmiller bought stock worth $178.4 million, with top six holdings in tech companies including Amazon, Microsoft Corp.
(Bloomberg) -- Stanley Druckenmiller took a big wager on Facebook Inc. during the second quarter, before a disappointing earnings report sank shares of the social media giant.
His Duquesne Family Office bought stock worth $178.4 million, according to a regulatory filing Tuesday. The top six holdings of the billionaire investor were in tech companies, led by Microsoft Corp. and Amazon.com Inc. Meanwhile, Druckenmiller exited stakes in Intel Corp. and Micron Technology Inc.
Druckenmiller, a former money manager for George Soros, said he would convert his hedge fund into a family office in 2010. His disclosed equity holdings rose about 14 percent to $2.1 billion during the period.
Soros also bought Facebook, but a smaller stake worth $30.9 million at the end of June. Soros Fund Management’s biggest holding was a $556 million position in Liberty Broadband Corp. The family office’s overall disclosed equity position dropped $415.2 million to $4.9 billion. The filing also showed positions in Spotify Technology SA and Pandora Media Inc.
Money managers who oversee more than $100 million in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.
--With assistance from Saijel Kishan.
To contact the reporter on this story: Simone Foxman in New York at sfoxman4@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum
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