Baupost Bought PG&E Before California Fires Hammered the Stock

(Bloomberg) -- Seth Klarman’s Baupost Group bought more than 14 million shares of PG&E Corp. in the third quarter, before wildfires roared through the state, crushing the California utility’s stock price.

The hedge fund increased its stake by about $681.7 million for a total value of $873.3 million as of September 30, according to a regulatory filing Tuesday. The shares have plunged about 32 percent since Nov. 8 when the fires broke out in California.

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