Report: Billionaire George Soros’ Investment Management Firm Sold Off Shares of Facebook, Netflix and Goldman Sachs just Before they Tumbled

Billionaire George Soros’ investment management firm has saved millions after completely selling off its shares of Facebook and slashing its stakes in Netflix and Goldman Sachs just before the stocks nosedived, a report said Wednesday. Soros Management Fund saved $17.7 million in the fourth quarter by dumping the three stocks, Barron’s reported.

Goldman tumbled 15 percent in the fourth-quarter, while streaming-content giant Netflix plunged 29 percent since the end of September, according to Barron’s. Facebook has fallen 20 percent in the fourth quarter, hitting an intraday low of $126.85 on Tuesday.

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The firm’s stake in Goldman shrunk from 64,814 shares at the end of June, to 28,206 at the end of September, according to Barron’s. Goldman Sachs’ stock began its tumble earlier this month when the Justice Department revealed charges against two former employees for issuing bonds from 1Malaysia Development Bhd.

Cutting 89 percent—or 106,400 shares—of its Netflix position in the third quarter, the firm held only 13,800 shares at the end of the September, according to the outlet. Its stock began its slide in October when investors expressed skepticism over its future profitability.

Soros Fund Management dumped all of its Facebook stock before the end of the third quarter and prior to the publication of a New York Time’s report that the tech company hired a GOP-opposition research firm to investigate links between Facebook critics and Soros, an outspoken opponent of the social media giant, according to Barron’s.

Meanwhile, the investment firm bought 91,200 shares of Chinese web giant Alibaba and 490,100 shares of chip maker Micron in the third quarter, Barron’s reported.

Both stocks have slid so far in the fourth quarter and could amount to a combined loss of $6.2 million for the firm, according to Barron’s. In recent months, tech stocks have lost approximately a trillion dollars in value, and many investors have been absolutely devastated. But not George Soros. Perhaps we will never know what prompted those moves, but with George Soros these strange “coincidences” have happened again and again throughout his career. Unfortunately, the top executives at the major tech companies were not as prescient, and so some of them have literally lost billions of dollars…

Source: FoxNewsInfowars

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