(FT) The total value of public stock holdings by Tiger Global fell by $20 billion at the end of the first quarter from the close of 2021 as the hedge fund cut bets on tech names.
Tiger Global, famous for betting big on technology, dumped the stocks of companies, including Netflix and Rivian, due to mounting losses. The hedge fund relinquished its entire stake in Airbnb, Didi, and dating app Bumble.
The hedge fund also reduced its stake in Robinhood, with at least 80% of its holding sold. Another stock to make a reduction was Peloton.
The total value of holdings declined from $46 billion at the end of 2021 to $26 billion at the end of the first quarter. The loss was incurred from depressed share sales and lower stock market valuations.
Tiger described the underwhelming results as “very disappointing. The hedge fund said that the macroeconomic backdrop made the markets challenging.
The dramatic reduction of holding by Tiger happens amid a challenging year for hedge funds with high exposure to tech names. Another hedge fund, Third Point by Daniel Loeb, also sold some of its biggest holdings in tech companies.
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