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Billionaire Soros a holdout while hedge funds dump Snap shares one quarter after buying them

  • David Tepper's Appaloosa Management dissolved its 100,000-share stake in Snap in the second quarter, according to a filing Monday.
  • Separate filings showed Third Point, Moore Capital and Jana Partners sold their stakes in the Snapchat parent.
  • Billionaire George Soros remained an investor in the stock in the second quarter.
Traders work on the floor during the Snap Inc. IPO at the New York Stock Exchange, March 2, 2017, in New York.
BRYAN R. SMITH | AFP | Getty Images
Traders work on the floor during the Snap Inc. IPO at the New York Stock Exchange, March 2, 2017, in New York.

Most of the big hedge funds that bought Snap shares in the first quarter sold them just one quarter later, leaving billionaire George Soros as the only major investor still owning shares in the social media company.

David Tepper's Appaloosa Management dissolved its 100,000-share stake in Snap in the second quarter, according to a regulatory filing Monday with the U.S. Securities and Exchange Commission.

Moore Capital and Jana Partners also sold out of their Snap positions, according to separate filings.

On Friday, a filing showed that Dan Loeb's Third Point dissolved its 2.25 million-share stake in Snap in the second quarter.

George Soros only decreased his position in Snap by 100,000 shares, keeping a stake of 1.55 million shares valued at $27.5 million at the end of June.

Shares of the Snapchat parent got a temporary boost in the second quarter after filings showed the hedge funds had bought the stock in the first quarter when Snap went public. However, the stock has fallen after disappointing earnings reports, and hit a record low Monday before rebounding 6.5 percent to close at $12.60.

— CNBC's Robert Hum contributed to this report.

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