Ray Dalio’s Bridgewater drops Tesla, meme stock bets on AMC and gamestop

Bridgewater Associates has 6 with old and new

The world’s largest hedge fund, led by billionaire Ray Dalio, has split from Tesla (TSLA) and placed new bets on meme-stock AMC (AMC) and GameStop (GME) in the first quarter, according to a filing commission with Securities and Exchange. The firm has also acquired new positions in Warren Buffett’s Berkshire Hathaway (BRK.B) and Airbnb (ABNB).

A previous regulatory report from Bridgewater indicated that the hedge fund owned 25,488 shares of Elon Musk’s Tesla at the end of last year.

Ray Dalio, founder of Bridgewater Associates, is speaking at the annual New Year's Eve ceremony of the China General Chamber of Commerce-USA (CGCC-USA) in New York, USA, on February 22, 2022.

Ray Dalio, founder of Bridgewater Associates, is speaking at the annual New Year’s Eve ceremony of the China General Chamber of Commerce-USA (CGCC-USA) in New York, USA, on February 22, 2022. To go with: “World Insights: United States, Chinese Economy Highly Interdependent, Win-Win Cooperation is the Right Choice” (Photo by Wang Ying / Xinhua Getty Images)

But the electric-vehicle maker was not listed on the holding’s outline by the end of March 31, indicating a quarterly complete departure of the firm from Tesla. Prior to the cash out, previous trade reports showed that Bridgewater had Tesla stock for the entire 2021 period.

Bridgewater reported snatching a total of, 667,000 from retail-investors’ favorite Gamestop worth 4,136 shares and fellow meme-stock AMC’s 27,066 shares worth $ 689,000 over a three-month period.

Hedge Fund has not owned Gamestop since March 2018, when AMC Purchase marked its first entry into the movie theater giant, according to a regulatory release.

The firm’s departure from Tesla comes at a challenging time for the stock amid a wide-ranging disaster called technology and hyper-growth.

Shares of Tesla have been in positive territory for the last quarter, rising 1.97% to close at $ 1,077.60 per share as of March 31, but are down nearly 40% year-over-year despite strong first-quarter performance. The sale of Bridgewater’s Tesla stock came before CEO Musk, a social media platform, closely watched a deal to acquire Twitter.

Although stocks have declined over the years, recent rallies at GameStop and AMC have shown that traders are still betting on meme-stock frenzy, even in the broad sell-off of risky assets. Gamestop is down about 40% in 2022, while AMC stock is down about 60%.

The transaction report further shows that the bridgewater insurance and investment conglomerate has acquired a new partnership with Berkshire Hathaway, as well as a new position at Airbnb.

Alexandra Semenova is a reporter for Yahoo Finance. Follow him on Twitter Alexandrandnik

Read the latest financial and business news from Yahoo Finance

Follow on Yahoo Finance Twitter, Instagram, YouTube, Facebook, FlipboardAnd LinkedIn

Leave a Reply

Your email address will not be published.