Fidelity’s Danoff Bets on Social Networking With Facebook Shares
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William Danoff, the manager of Fidelity Investment’s largest stock fund, established a toehold in the social-networking industry during the first quarter by acquiring shares of Facebook Inc. and Zynga Inc.
Danoff’s Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82 million in Zynga convertible preferred stock, according to a quarterly report the fund filed yesterday with the U.S. Securities and Exchange Commission. Danoff, 50, has managed the $80 billion Fidelity Contrafund since September 1990.