META - Billionaires Are Selling Shares of This Well-Known Stock
2024-07-12 08:30:00 ET
After an ugly performance in 2022, Meta Platforms ' (NASDAQ: META) stock has rebounded. It soared by 85% over the past 12 months and is now trading near the all-time high it set this month. But during that period, Meta's insiders sold more shares than they bought.
A growing list of prolific billionaires -- including Steven Cohen, Andreas Halvorsen, Lee Ainslie, Ken Griffin, Jonathan Soros, David Tepper, and Meta's own co-founder and CEO Mark Zuckerberg -- have also been cashing out of the high-flying stock.
By the end of the first quarter of 2024, when Meta was still trading at an average price of $446.07, Cohen and Soros had sold all of their shares while Halvorsen and Ainslie liquidated more than half of their shares. Does that cooling insider and institutional sentiment suggest it's time for retail investors to back away from Meta?
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Billionaires Are Selling Shares of This Well-Known Stock