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Hedge Funds

Octogenarian billionaire George Soros buys social media stock Snap

Key Points
  • Billionaire George Soros, 86, bought shares of Snap in the first quarter, an SEC filing showed.
  • Several other hedge funds also reported holdings of the stock in the first quarter.
  • The Snapchat parent went public in early March.
Hedge fund managers buying Snap

Billionaire George Soros, 86, joined the handful of big hedge funds that bought Snap in the first quarter, an SEC filing Monday showed.

The filing showed Soros bought 1.6 million shares of the Snapchat parent, which went public in early March.

The stock plunged more than 20 percent after a disappointing earnings report last week but rebounded Monday after first-quarter filings showed hedge funds bought the stock.

The investing giant dissolved small stakes in , , and in the first quarter.

Soros disclosed the stock holdings in a 13F filing required by the U.S. Securities and Exchange Commission 45 days after the end of a quarter.