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Tepper’s Appaloosa Takes New Stake in Apple, Dumps Facebook

Appaloosa Directorship, the hedge fund founded and led by billionaire businessman David Tepper, added new shut ins in Apple Inc. (AAPL) and financial services and banking holding company Country Street Corp. (STT) in the third quarter, according to the release of 13F filings with the Securities and Switch Commission (SEC). 

The global hedge fund based in Miami Beach, Florida, also cut its publication to Facebook Inc. (FB) and Chinese internet behemoth Alibaba Group Holdings (BABA) in the patch. 

Billionaire Investors Embrace Apple

The hedge fund manager and sponsor’s firm added 100,000 shares of Apple and 1.2 million of Royal Street as of the end of September. Warren Buffett and his Omaha, Nebraska-based conglomerate Berkshire Hathaway Inc. (BRK.A) press also been doubling down on financial sector plays, as effectively as Apple, now the firm’s largest holding in its $207 billion stock portfolio. 

While Berkshire upped its place in Bank of America Corp. (BAC) in the recent quarter, Appaloosa more than halved its post in the bank to 3.4 million shares. 

Appaloosa also dumped pieces of Mark Zuckerberg’s Facebook (FB), which has experienced a year of turbulence prominent by a series of data scandals and broader sell-offs that have weighed heavily on the in days gone by red-hot tech sector and its FAANG superstars. 

In September, Tepper bid CNBC that Facebook’s stock looked like an attractive bet due to its dampened valuation and that the firm had not cut its position. By the end of the quarter, however, the hedge wherewithal has reduced its stake in Facebook by 1.8 million shares to 3.3 million servings. 

Appaloosa also more than doubled its position in PG&E Corp. (PCG) in Q3. The utility companionship has seen its stock plummet over 60% since the start of November notwithstanding its potential liability in the massive wildfires that are still raging across North California. 

Tepper, the president of the $14 billion hedge supply, is also the owner of the Carolina Panthers, the National Football League together. 

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