Reuters
Cooperman, Lone Pine among funds that dumped Meta before earnings rout
Billionaire Leon Cooperman, hedge fund Lone Pine Capital, and mutual fund manager Polen Capital were among firms that greatly reduced their positions in Facebook-parent Meta Platforms Inc in the quarter that ended Dec. 31, potentially protecting them from some losses during the company’s record one-day plunge in Feb, according to securities filings released on Monday. Meta Platforms fell 26% on Feb. 3, erasing more than $200 billion in market value, after the company after reported its first ever decline in global daily active users and cited increasing competition from TikTok and other platforms in its weaker-than-expected forecast. Cooperman sold his entire stake of 22,000 shares in Meta Platforms, while Lone Pine Capital halved its stake in the company by selling approximately 1.9 million shares.
