Home » Bill Gates’ Gain Is This Legendary Hedge Fund’s Loss: This Stock Has Doubled Since Gates Got In

Bill Gates’ Gain Is This Legendary Hedge Fund’s Loss: This Stock Has Doubled Since Gates Got In

by WorldFinance
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Tiger Global Management showed late Monday in a regulatory filing that it had almost entirely liquidated its 8% stake in Carvana Co (NYSE: CVNA) during the second quarter.

The Bill & Melinda Gates Foundation, however, recognized a chance in the discounted shares of the used car company at the same time.

Tiger’s Loss Is Bill Gates Gain: According to GuruFocus, the Bill & Melinda Gates Foundation Trust picked up 520,000 shares of Carvana at the end of June, around the same time Tiger sold.

Carvana’s shares have risen 154% since June 30; if Gates purchased the shares then, he would’ve spent $11.74 million. His position is worth $29.73 million today, giving the worlds fifth-richest person and his foundation $17.99 million in profits.

Read more: Bill Gates Shares Plan To Tackle The ‘World’s Deadliest Animal’

Separately, The Gates Foundation picked up 2.5 million shares of Carvana competitor Vroom Inc (NASDAQ: VRM) around the same time. If Gates bought those shares at the end of June, he would’ve spent $3.12 million. The stock has risen 80% since to $2.26, giving the billionaire $5.62 million, or $2.5 million in profits.

Carvana’s stock price rose to over $360 a share when the Tiger first disclosed a 5% stake in 2019. The hedge fund had more than $2 billion in the company before it started to sell, according to FactSet.

The once-favored investment was down more than 93% from its peak by late June. Tiger still holds $2.5 million of the original $2-billion investment.

Check this out: Bill Gates Lauds India’s PM Modi For Leading ‘Healthcare And Digital Transformation’

The Gates Foundation Trust holds 18 stocks with $19.77 billion in assets under management. The foundation opened its doors in 2000, and has since donated more than $79 billion to fund health care and education initiatives, among others.

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