Appaloosa Cut U.S. Stocks By 40% as Tepper Exits Citigroup
Tepper Slashes U.S. Holdings by $3 Billion
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Billionaire investor David Tepper reduced his firm’s investments in U.S. stocks last quarter, liquidating stakes in some of the largest companies.
The value of Appaloosa Management’s publicly disclosed U.S. equity positions dropped by $2.74 billion last quarter to $4 billion, according to a regulatory filing Friday. The firm exited its holdings in Citigroup Inc., Halliburton Co., Facebook Inc. and Apple Inc. The firm also sold almost all its shares of an exchange-traded fund that tracks the Standard & Poor’s 500 Index.