David Tepper’s hedge fund slashes Facebook stake

Appaloosa, the hedge fund founded by David Tepper, the owner of the Carolina Panthers, has slashed its stake in Facebook, selling 5.1 million shares, equivalent to an 18.3 percent cut in its stake in the social media company.

The fund also cut its stake in Google parent company Alphabet, by 18.4 percent.

Other changes included Appaloosa cutting its stake in Boston Scientific by 35.4 percent to 2.5 million shares and its  stake in UnitedHealth Group by 25.1 percent to 529,390 shares.

The fund also dissolved its stakes in Allstate and Applied Materials.

According to Forbes, Appaloosa manages $17 billion in assets.