Appaloosa’s Tepper Bets on Technology With Apple, Google Buys
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Appaloosa Management LP, the hedge fund run by David Allan Tepper, bet on technology in the first quarter with purchases of Apple Inc., Google Inc. and an exchange-traded fund that mimics the Nasdaq 100 Index.
The hedge fund, based in Chatham, New Jersey, bought 503,000 shares of Apple valued at $337 million, 162,000 shares of Google valued at $104 million and 18.9 million shares of the PowerShares QQQ Trust, valued at $1.27 billion, according to a filing today with the Securities and Exchange Commission.