Social media platform Snapchat made significant headlines when it changed its name to Snap, Inc. (SNAP
) and went public via an IPO. Snap has had a tumultuous first few months of public trading, but the stock nonetheless remains on the forefront of investors’ minds. Now, with the latest round of 13-F filings revealing what leading financial companies bought in the first few months of 2017, it is possible to determine which hedge funds were holding SNAP as of the end of the first quarter. (See also: A SNAP Story: The Revenge of the IPO)
Daniel Loeb and Third Point
Third Point, LLC, the hedge fund of billionaire Daniel Loeb, reportedly bought up more than 2 million shares of SNAP stock in its first few weeks of trading. The hedge fund reported holdings totaling a significant 2.25 million shares as of the end of March of 2017, according to the fund’s 13-F report.
David Tepper and Appaloosa Management
Appaloosa Management, the hedge fund run by major investor David Tepper, also…