The Soros Fund Management (SFM) of George Soros has sold substantial shares of Facebook, Netflix, and Goldman Sachs stock before the shares in these 3 companies came tumbling down, saving $17.7 million (if SFM wouldn’t have sold these shares).
Facebook lost almost 20%, Goldman Sachs nearly 15% and Netflix even dropped 29% of its share price this quarter.
Soros Fund Management owned 159,200 shares of Facebook at the start of the third quarter. By the time the third quarter ended on October 1, SFM had sold all of these shares (the precise date isn’t reported).
On 25 July, Facebook sold at $217.50 a share; the next day, it fell 19% (erasing $120 billion in shareholder wealth). The stock has continued to fall ever since; to $127 per share last Tuesday.
In a distraction move, Facebook admitted that it hired public relations firm Definers Public Affairs to show that its critics are tied to Soros, after the Soros funded Open Society Foundations blasted Facebook for promoting “distortions” about Soros.
Speaking at the World Economic Forum in Davos, Soros said that Facebook and Google are "obstacles to innovation" and are a “menace” to society whose "days are numbered".
In November 2017, Soros sold 300,000 shares in Facebook, but then bought them back in the summer of 2018.
In the last 5 weeks, Netflix came down with more than 15%. Soros Fund Management sold 106,400 shares of Netflix in the third quarter, reducing its stake by 89% (by the end of September, SFM held only 13,800 Netflix shares).
This past summer, Netflix sold at a high of more than $418 this has dropped to $262 a share.
Goldman stock began to tumble earlier this month after the Justice Department announced charges against 2 former employees for their role in embezzlement of Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB)
Soros Fund Management reduced its stake from 64,814 shares at the end of June to 28,206 shares by the end of September:
https://www.barrons.com/articles/geo...led-1542801600
This either means that George Soros had advance insider knowledge of the events leading to the crash of these shares or that he’s some sort of financial wizard that is simply better at analysing the data that’s available to everybody...
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