Posted on 01/04/2013 4:40:14 PM PST by Old Sarge
At last, here’s the sort of friend Facebook needs. George Soros, the legendary investor, has revealed he spent around $10.6m buying 341,000 shares in the social networking site in the second quarter.
The new investment by the billionaire, which was revealed in a regulatory filing by Soros Fund Management for his holdings at the end of June, is contrary to move of other investors who have been rapidly “defriending” Facebook ever since it listed in May.
Shares in Facebook, which was one of the biggest listing in history and one of the worst performing, have plunged by almost 50pc from their listing price of $38 per share. They've dropped around 34pc since Mr Soros bought his stake amid doubts over the value of the company.
A fresh installment of Facebook shares could hit the market on Thursday after the first "lock-up" - which prevents staff and pre-IPO investors from selling - is lifted.
The ban on selling shares is set to be lifted gradually over nine months, adding 9bn shares to the 421m offered at the IPO. A total of 271m shares could potentially be sold oN Thursday, although analysts are not expecting a big sell-off because the stock is so low.
Steve Cohen, founder of SAC Capital and another hedge fund heavyweight, also reported a new investment in Facebook - 151,450 shares as of the end of June.
(Excerpt) Read more at telegraph.co.uk ...
Time to get off Facebook, I guess.
It was only a matter of time.
... Considering the M.O. and expertise of Mr. Soros .... does this mean he is going to collapse and plunder FB in some sort of futures scam?
Big deal, that’s like you or me giving a dollar to a panhandler.
I dumped facebook years ago, and it was a whole YEAR before they would close the account.
Something smells fishy to me. Did the media “kill” Facebook stock so Soros could scoop it up cheap? I would put nothing past this vast left wing network of traitors.
There’s a lot of “data mining” going on with Farce-Butt & Twerper accounts.
Question: If you don't provide your address, birthdate, where you went to high school, if you're married or not, i.e. all the stuff it asks you for, and all you post are funny pictures/cartoons etc. and do not "like" any of the ads that are on the right side of the screen, what kind of data mining can they do?
Relative to Soros’ income, that’s such a small amount, it’s not clear he likes Facebook very much.
He’s searching for more numbnuts to join his army
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