(Bloomberg) David Tepper, the billionaire founder of $20 billion Appaloosa Management, cut his hedge fund’s investments in U.S. stocks by almost a third in the last quarter, reducing stakes in some of its biggest investments.The value of Appaloosa Management’s publicly disclosed U.S. equity positions dropped by $1.21 billion in the last quarter to $2.8 billion, according to a regulatory filing Friday. The hedge fund exited its holdings in Alibaba Group Holding Ltd., and trimmed stakes in General Motors Co. and HCA Holdings Inc., its top two largest holdings.
Appaloosa Cut U.S. Stocks by 30% as Tepper Sells Alibaba
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