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Hedge Funds Sold Citigroup as Shares Fell in Third Quarter

Paulson & Co., Lansdowne Partners LP and Lone Pine Capital LLC were among investment firms that cut stakes in Citigroup Inc. as shares of the bank slid 38 percent in the third quarter.

Paulson & Co., founded by billionaire John Paulson, sold about 8.4 million shares of New York-based Citigroup during the quarter while Lansdowne, Europe’s biggest equity hedge fund, sold 1.3 million and Lone Pine disposed of 3.8 million, according to regulatory filings. Hedge funds collectively sold about 30.8 million shares, based on data compiled by Bloomberg from 757 managers.