Bloomberg – Soros Fund Management has increased holdings in major technology stocks ahead of a major rally in recent weeks.
George Soros’ investment firm has increased its stake in Amazon (AMZN), power sales (CRM) and Alphabet (GOOG), among other major technology companies. All three are among the top 10 owned at the end of June, according to a regulatory filing released Friday.
The New York-based company also bought a new $20 million Tesla ( TSLA ) stake from billionaire Elon Musk, though that represents about 0.4% of the $4.6 billion U.S. stock fund. de Soros, which dropped $664 million in the second quarter. Other additions include $168 million in Alleghany stock and $201.5 million in American Campus stock, which Blackstone bought in April.
Tech stocks have rebounded, breaking out of a bear market earlier this year, with the Nasdaq 100 up more than 20% from a mid-June low. US stocks advanced for a fourth straight week, the longest streak of weekly gains since November.
The billionaire philanthropist’s investment firm managed more than $28 billion in early 2022, including public and private equity.. Soros, 92, has used his fortune to fund groups that promote justice, democracy, human rights and progressive politics through his Open Society Foundation.
The billionaire has invested billions in philanthropic efforts, and most of his company’s assets are now owned by foundations rather than the Soros family. His personal wealth is estimated at $8.5 billion, according to the Bloomberg Billionaires Index.
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