SAC Capital Increases Holdings in Facebook as Share Price Rises
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SAC Capital Advisors LP, the $14 billion hedge fund run by Steven A. Cohen, joined other investors in boosting stakes in Facebook Inc. during the fourth quarter, as the company took steps to bring in more revenue.
SAC Capital increased its holding in Facebook by 7.99 million shares, bringing its stake to 8.5 million shares, worth $242.1 million, according to a filing yesterday. D.E. Shaw & Co., the New York-based hedge fund that uses computer models to pick trades, increased its stake by 7.58 million to 7.8 million, or $222.3 million.