The tech world is not living its best days. Of course, technology develops, but because of lack of various semiconductors, the companies have to revise their plans. This hugely affects their stock prices and their value. However, it’s also a big chance for those who have been wishing to acquire stocks but didn’t dare. For instance, according to Bloomberg, Soros Fund Management has decided to increase its holdings of big tech stocks. The so-called Soros Fund has already added more than $200 million in shares of American Campus Communities Inc.
As the source mentioned, George Soros’s fund has already acquired more stakes in Amazon.com Inc., Salesforce Inc., and Alphabet Inc., plus many other bigwigs. Not surprisingly, the mentioned three rank among Soros Fund’s top 10 holdings as of the end of June.
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Moreover, the fund has added a new $20 million position in Elon Musk’s Tesla Inc. But at the moment, the latter captures only 0.4% of Soros’s $4.6 billion US equities portfolio, which fell by $664 million in the second quarter. Other noteworthy additions include $168 million of Alleghany Corp. stock and $201.5 million in shares of American Campus. Blackstone Inc. should acquire the latter soon.
Soros Fund Invest More In Tech Field
Though many tech companies suffer a lot, the big players become richer and richer. Stocks of many American companies are continuously growing for the fourth-straight week, the longest streak of weekly gains since November.
As of the beginning of this year, the Soros Fund managed more than $28 billion. It includes not only private but also public equity.
Though the name Soros is not accepted positively well in many countries, he used his fortune to fund groups promoting justice, democracy, human rights, and progressive politics. However, still, his Open Society Foundations are thought to be a “dark unity.”
As he has poured billions into his philanthropic efforts, his family doesn’t own most of his firm’s assets. If we believe Bloomberg Billionaires Index, his personal wealth is around $8.5 billion.