Share This Post

Business / Business Education / Finance / Money / Personal Finance

David Tepper Bought A Football Team With Apple Profits

David Tepper Bought A Football Team With Apple Profits

A year ago, David Tepper and several of his ilk were of the opinion that Apple shares had gone about as far as they were gonna go, which is to say to $150, and sold some. Then he had a change of heart and starting buying again, and buying a lot, building up a tidy 4.6 million share position. And he’s sure glad he did, and that he was wrong about Apple not being a $150 stock, because during the first quarter, when he unloaded all of them, it was more like a $180 stock. Those profits sure did come in handy, because at the same time he was selling the shares, he was buying a $2.2 billion football team.

At Tuesday’s prices, the sale of 4,587,852 shares would be worth more than $853 million….

Tepper likely saw a hefty profit thanks to the appreciation of Apple even in recent months. Since November, when a smaller stake was first disclosed by Appaloosa, the stock has risen 9%. The fund’s initial purchase happened some time between July and September, when Apple shares were even lower.

David Tepper’s hedge fund dumped its entire Apple stake ahead of the billionaire’s expected purchase of the Carolina Panthers [BI]

Share This Post

Leave a Reply