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Hedge Funds

Hedge Funds Lose Nearly $6B As Facebook Shares Crater

by cnbc.com posted 3months ago 33 views
Facebook was the most-loved holding of hedge funds before the stock's epic plunge on Thursday, resulting in a massive multibillion-dollar loss for the so-called smart money on Wall Street. Of 848 hedge funds tracked by Goldman Sachs, 97 had Facebook as a top 10 holding, according to the firm's May "Hedge Fund Trend Monitor" report. The note, tracking $1.6 trillion in hedge fund long positions, used the latest available filings for the first quarter. The report ranked Facebook as the No. 1 most-held stock in the top 10 positions among those hedge funds, followed by Amazon at 74 funds.

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