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Tiger Global, the hedge fund known for making big bets on technology companies, has slashed its shareholdings and dumped stakes in companies including Netflix and Rivian as it suffered heavy losses during this year's stock market rout.
The total value of Tiger Global's public stock positions fell from $46bn at the end of last year to just over $26bn at the end of the first quarter, according to regulatory filings released on Monday. The decline in value reflected lower stock market valuations as well as share sales.
In a significant retreat, the New York-based firm sold its entire stake in consumer tech companies including dating app Bumble, vacation rental company Airbnb and Didi, the Chinese ride-hailing group.
Its sell-off came as research analysts at JPMorgan Chase endorsed a clutch of Chinese internet stocks deemed “uninvestable” just two months ago, in a significant shift in sentiment towards the sector. In a series of changes on Monday, analysts upgraded their ratings for NetEase, Tencent, Alibaba, Meituan, iQIYI, Dingdong and Pinduoduo.
Tiger Global also significantly reduced its exposure to trading app Robinhood, selling almost 80 per cent of its stake, and Peloton, the beleaguered connected fitness company. Tiger Global declined to comment.
Go deeper: A sudden sobriety has descended over the US tech sector, prompted by a deep and broad stock sell-off as investors fret over rising interest rates and slowing economic growth.
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