Appaloosa and Baupost Among Hedge Funds Boosting PG&E Holdings

(Bloomberg) -- David Tepper and Seth Klarman have increased their bets on bankrupt California utility giant PG&E Corp.

Tepper’s Appaloosa Management added about 16.6 million shares of San Francisco-based PG&E during the first quarter, raising its stake to 23.1 million shares, according to a filing Wednesday. Klarman’s Baupost Group picked up 9 million PG&E shares, bringing its stake to 24.5 million shares.

Meanwhile, Paul Singer’s Elliott Management bought call options on 7 million PG&E shares during the quarter, according to filings.

The firms disclosed their holdings on the same day California investigators said that equipment owned by PG&E caused the deadliest wildfire in state history.

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