Another Bullish Sign On Facebook
Fidelity is the third largest mutual fund company by assets. It was “one of the first institutional investors to take a significant stake in Facebook (FB),” reports the Wall Street Journal. But, oh -– guess what? That was then, when Mark Zuckerberg and his crew were the hottest things going.
This is now:
The Journal reports that Fidelity, through 21 funds, dumped more than 1.9 million Facebook shares in June. Sixteen of those funds sold more than a quarter of their stakes. They held those for six weeks at most, an unusually quick turnaround.
Fidelity also has a bunch of private shares it bought before Facebook went public. It can’t trade those until later this year. To be sure, it’s not clear whether Fidelity made or lost money on the shares it’s selling.
Filed under: Company News