Billionaire David Tepper Doesn’t Like Most Stocks But He Likes These 5

2. Meta Platforms, Inc. (NASDAQ:META)

Value of Appaloosa Management LP’s 13F Position: $431.19 million
Number of Hedge Fund Shareholders: 225 

Meta Platforms, Inc. (NASDAQ:META) is the second biggest stock in billionaire David Tepper’s portfolio. The hedge fund holds stakes worth $431.19 million in Meta Platforms, Inc. (NASDAQ:META), accounting for 8% of its portfolio.

Artisan Partners made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2023 investor letter:

“Our best performing stocks this quarter were Meta Platforms, Inc. (NASDAQ:META), Alphabet and Heidelberg Materials. Meta was the largest contributor to performance. Its shares have almost fully recovered from last year’s declines, rising 35% during the quarter and 138% YTD. During the quarter, the company reported earnings that showed a return to growth and healthy user engagement metrics. Most importantly, profitability appears to have stabilized and is poised to improve as significant cost reduction actions implemented over the past six months begin to have an impact. Separate from fundamental performance, there is excitement over AI’s potential to help the company’s business. While Meta’s technology prowess and massively scaled media platform certainly position the company to take advantage of AI, we believe it’s far too early to estimate any discrete tangible benefits. Overall, we view AI as one of several drivers that will contribute to Meta’s continued growth.”

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