Soros bets on social media, BlackRock

By Business LeadersFOXBusiness

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Soros Fund Management added stakes in major tech and social media companies in the second quarter, according to a regulatory filing on Tuesday.

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The family office of billionaire investor George Soros added stakes in Apple, Facebook and Twitter, while reducing stakes in Amazon and Google’s parent company, Alphabet.

The adjustments were made in the second quarter when Facebook was still dealing with the fallout of the Cambridge Analytica scandal and while Apple was approaching a $1 trillion market capitalization. The iPhone maker officially reached the market cap milestone earlier this month.

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Soros Fund Management also took new stakes in Chevron, AT&T and T-Mobile and upped its MetLife stake by 31.3% and its BlackRock stake by 59.8% to 12,983 shares.

The fund reduced its stake in Microsoft by 68.6%, cut its share in Nasdaq by 41% and trimmed its exposure to Netflix.