Valuations soared. Announced in February 2018, David Sacks led the Series A at Craft which valued Bird at $60 million post-money. Sequoia led a $150 million Series C investment in Bird that valued it at $1 billion in 2018 and then led another $158 million round that valued Bird at $2.1 billion, according to Pitchbook. It was a major investment for Roelof Botha who would go on to become Sequoia\u2019s senior steward.
New York-based hedge fund Jennison Associates sold 25% of its stake in Nvidia (NVDA (opens in new tab), $187.86) in the first quarter, reducing its weight from 5.14% to 4.12%. However, Jennison still finished the quarter owning 20.5 million shares of NVDA, which makes it the fifth largest position in its portfolio.
Microsoft CEO and other execs offload $47 million of shares
Of the big institutional investors holding Nvidia, Jennison was the third-largest seller of the stock in the first quarter, behind only FMR (11.3 million shares sold) and Norges Bank (21.3 million shares sold). Norges Bank manages the Norwegian government's global pension fund.
As far as billionaire investors selling JXN shares during the first quarter, Apollo sold the second-largest amount, behind only Sessa Capital, which unloaded 3.9 million shares. While Apollo reduced its weighting in JXN to 1.58% from 1.91% in Q1, Seesa slashed its Jackson weighting to 1.91% from 9.84%.
GQG Partners finished the first quarter with $43.1 billion invested in 72 managed 13F securities. This was after the investment advisor reduced its holdings in 17 stocks over the three-month period, including its stake in Visa (V (opens in new tab), $212.94). With the sale of almost 7 million shares, Visa's weighting in the Ft. Lauderdale advisory firm's large portfolio was reduced from 6.07% as of Dec. 31, 2021, to 2.22% at the end of March.
Among those that Tiger Global Management reduced its position in during the first quarter were a number of Chinese stocks listed on U.S. exchanges. One of those was Shanghai-based e-commerce platform Pinduoduo (PDD (opens in new tab), $53.75). The billionaire investor's hedge fund cut its position in PDD by 63%, dropping its weighting from 2.0% at the end of 2021 to 0.87% at the end of March. It finished the first quarter owning 5.8 million shares of PDD.
Apple was one of Winslow's largest positions heading into the quarter. However, after unloading nearly 4.6 million shares over the three-month period, AAPL is now the hedge fund's smallest stock holding. Only the iShares S&P 500 Growth ETF (IVW (opens in new tab)) has less of a weighting in Winslow's portfolio.
Winslow first acquired Apple shares in the third quarter of 2019, paying an average price of $55.99 a share. The sale was likely another case of profit-taking. AAPL shares finished the quarter at $174.61. They've fallen 16% in the second quarter.
The hedge fund also wasn't close to being the largest institutional seller of Apple stock in Q1 2022. That distinction belongs to Norges Bank, which sold 142.1 million AAPL shares to close out of its position entirely. State Street, meanwhile, came in second, selling 19.3 million shares during the quarter. Despite the sale, Apple remains State Street's largest equity position, with a 5.3% weighting.
Verizon (VZ (opens in new tab), $51.24) was easily Warren Buffett's biggest stock sale in the first quarter. Berkshire Hathaway sold 99% of its stake in America's second-largest wireless carrier. Despite unloading all but 1.38 million shares of VZ stock, its current stake is still worth $70.7 million. That's how big the Berkshire Hathaway equity portfolio is.
Verizon's share price traded in a tight range between $50 and $55 during the first quarter. Even if Buffett got $55 from Q1 2022's big sale, it likely lost money on the stock it sold. How it ultimately does on the remaining 1.3 million VZ shares has yet to be written.
In the first quarter, Ruane Cuniff & Goldfarb sold out of just one stock and reduced its stakes in 19 others. The one stock it sold out entirely was Primerica (PRI (opens in new tab)). However, PRI was not a big holding for the investment firm best known for its Sequoia Fund. It owned 1,400 shares of the insurance and wealth management company.
Two Sigma Advisers is one of the largest institutions still holding CERN. The hedge fund actually added 592,400 shares during the first quarter, bringing its total position to 4.4 million shares, or 1.1% of its portfolio.
On June 28, 2021, CoStar split its stock on a 10-for-1 basis. So, Dan Loeb's 5.69 million shares were 568,782 before the stock split. Third Point's 13F from Q1 2021 confirms that the hedge fund owned 550,000 shares as of March 31, 2021.
Capital Research Global Investors was another investment firm to sell GM stock in Q1, with the 13.9 million shares sold the most of any institution. However, despite the large share sale, it still owned 81.2 million shares at the end of March, making it the investment management firm's 24th largest position.
In early March, Icahn sold off the last of his 45 million shares of OXY stock, according to The Wall Street Journal (opens in new tab). At one time, Icahn owned 10% of Occidental. He took the energy producer to task in 2019 for its $38 billion acquisition of Anadarko Petroleum.
In the first quarter, Buffett's Berkshire Hathaway bought 136.4 million OXY shares. Berkshire also owns preferred stock on OXY and has warrants to buy an additional 84 million shares that it received for helping Occidental acquire Anadarko.
Among other institutions selling 100% of their Pfizer stock during the quarter was Sanders Capital. The Florida-based hedge fund unloaded its 12.2 million PFE shares in Q1. Unlike Coatue, Sanders Capital first acquired Pfizer shares in Q4 2015, paying an average price of $33.24 per share.
Glenview Capital Management sold out of six stocks in the first quarter and reduced its holdings in 20 others. One of the six it sold in its entirety was Willis Towers Watson (WTW (opens in new tab), $208.27). The hedge fund first acquired shares in the insurance brokerage in Q3 2021. It paid an average price per share of $232.46. Prior to the sale, WTW accounted for 1.84% of Glenview's $4.7 billion in managed 13F securities at the end of December.
While Glenview's sale of Willis Towers Watson is notable, the biggest seller in terms of the number of WTW shares sold in the first quarter was Eagle Capital Management. It sold 2.0 million shares over the three-month period, nearly its entire stake. The New York-based investment firm first acquired shares in Q1 2021, paying an average price per share of $228.96.
On March 31, 1996, the short-lived eWorld was purchased by AOL. In 1997, about half of all U.S. homes with Internet access had it through AOL.[27] During this time, AOL's content channels, under Jason Seiken, including News, Sports, and Entertainment, experienced their greatest growth as AOL become the dominant online service internationally with more than 34 million subscribers. In November 1998, AOL announced it would acquire Netscape, best known for their web browser, in a major $4.2 billion deal.[7] The deal closed on March 17, 1999. Another large acquisition in December 1999 was that of MapQuest, for $1.1 billion.[28]
On January 23, 2014, AOL acquired Gravity, a software startup that tracked users' online behavior and tailored ads and content based on their interests, for $83 million.[92] The deal, which included approximately 40 Gravity employees and the company's personalization technology, was Armstrong's fourth-largest deal since taking command in 2009. Later that year, AOL acquired Vidible, a company that developed technology to help websites run video content from other publishers, and help video publishers sell their content to these websites. The deal, which was announced December 1, 2014, was reportedly worth roughly $50 million.[93]
On August 4, 2006, AOL released a compressed text file on one of its websites containing 20 million search keywords for over 650,000 users over a 3-month period between March 1, 2006 and May 31, intended for research purposes. AOL pulled the file from public access by August 7, but not before its wide distribution on the Internet by others. Derivative research, titled A Picture of Search[173] was published by authors Pass, Chowdhury and Torgeson for The First International Conference on Scalable Information Systems.[174]
New International Trade Crossing Takes Another Step Forward - 5/01/2013 Michigan's New International Trade Crossing has moved one step closer to beginning construction on the $950 million bridge from Michigan to Ontario: obtaining a federal...
Another Stretch of America's Newest Interstate Opens Outside Las Vegas - 9/24/2018 With the support of $400 million in federal funding, the Nevada Department of Transportation in partnership with the Regional Transportation Commission of Southern Nevada opened...
As a result, if you were to take a giant, patriotic hammer to TikTok and smash it into a million patriotic little pieces, it would prove irrelevant in the larger scheme of things. Chinese intelligence officials (just like any other government) have unchecked access to just an unlimited trove of various datasets gleaned from no limit of poorly secured and monitored hardware, apps, and services. 2ff7e9595c
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