Billionaire investor George Soros acquired stocks that plunged after the collapse of Archegos Capital Management, according to Yahoo! Finance. Through the Soros Fund Management, the investor acquired $194 million worth of shares in ViacomCBS and $77 million in Baidu as the stocks traded at a discount.
Other stock buys of Soros included $46 million worth of shares in Vipshop Holdings Ltd. and $34 million in Tencent.
Archegos collapsed in March, with shares it had invested in, including ViacomCBS taking a hit.
Major banks including Credit Suisse, Morgan Stanley, and Nomura Holdings lost almost $10 billion from the Archegos implosion.
Soros stock picks are currently gaining. VIAC is up 2.52% on premarket, BIDU is up 1.18% on premarket, VIPS is up 2.58% on premarket, TME is up 2.63% on premarket.
