Hedge Fund Manager David Tepper’s Firm Selling Apple

Posted by at 6:33 pm on May 14, 2016

Apple LogoDavid Tepper’s Appaloosa Management has dumped its stake in Apple, selling its entire holding of over 1.26 million shares in the Cupertino giant.

The stake was valued at $133 million at the end of 2015, according to SEC documents, reports Business Insider. The move follows investment tycoon Carl Icahn in doing the same thing just two weeks ago. At the time, Icahn cited concerns with instability in China, though said that he would reinvest in Apple should his concerns evaporate.

Tepper hasn’t revealed why he made the move, although it follows Apple’s recent fiscal Q2 results, which were below market expectations.

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