The likes of Netflix, Google, and Meta are facing sell-offs from major hedge fund players.
According to securities filings released on Monday, significant entities like Tiger Global Management, Winslow Capital Management, and Scopus Asset Management have all offloaded shares in major companies. Netflix This occurred just before Netflix's April announcement, which marked the first notable decline in subscribers the service has seen in a decade.
A Reuters report It's important to note that Netflix wasn't alone in facing challenges; news outlets have reported that the Light Street hedge fund divested its entire stake in Meta Platforms, the parent company of Facebook, along with nearly 8,000 shares of Netflix. This pullback also extended to a major reduction in investments in Alphabet. Google ) and Amazon.
A clear trend of anxiety regarding tech stocks has emerged, with Netflix and Meta appearing to be more adversely affected than others. Reports from Reuters indicate that Netflix's stock prices have plummeted by 69%, while Meta has seen a fall of just over 40%.
These declines could be indicative of a market adjustment; Reuters highlights that many of these firms experienced a significant boom during the pandemic in 2020. As the world seems to be moving past the worst of the pandemic, hedge fund investors are reevaluating their strategies. The repercussions for these companies could be substantial. Meta Last week, Netflix alerted its staff about upcoming cutbacks, resulting in layoffs in their marketing team towards the end of April. according to the LA Times .
Despite the easing of restrictions around the globe as COVID-19 continues to linger, variants of the virus are evolving and proving to be more transmissible than the original strain. Until the virus is deemed endemic or is no longer a global concern, investors are likely to remain cautious.
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