Snap CEO Evan Spiegel. AP Edgewood Management likely racked up a $4 billion gain on Snap stock in 16 months.
The $60 billion investment advisor bought 62 million shares in the first quarter of 2020.
Edgewood still owned 50 million shares at the last count, worth $3.7 billion today.
A little-known investment advisor has more than quadrupled its money on Snap stock, likely notching a $4 billion gain in the space of 16 months.
Edgewood Management, which oversees $60 billion of assets , initially snapped up 62 million shares of Snapchat’s owner in the first quarter of 2020, regulatory filings show . It probably pounced when the social-media company’s stock price nearly halved from $19 to $10 between late January and mid-March, as pandemic fears mounted.
The investment advisor boosted its stake to 75 million shares over the next six months, and Snap’s stock price more than doubled during that period, lifting the value of Edgewood’s position from $734 million to almost $2 billion. The firm cashed out about 13 million shares in the next quarter, but Snap’s stock price doubled again, valuing Edgewood’s 62 million shares at $3.1 billion at the end of last year.
Edgewood took more money off the table in the first quarter of this year, slashing its position by about 19% to 50 million shares – worth $2.6 billion at the end of March. Snap stock is currently trading close to a record high at $74, valuing Edgewood’s stake at $3.7 billion today if it hasn’t touched […]
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