Anna Nikolayevsky Is Selling Off Roblox and These 4 Stocks

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

Former Value of Axel Capital Management‘s 13F Position: $8.98 million

Number of Hedge Fund Shareholders (as of March 31): 204

Anna Nikolayevsky’s hedge fund also unloaded another metaverse-related stock in Q1, the one-and-only Meta Platforms, Inc. (NASDAQ:META). After nearly tripling the size of its META stake during Q4, the fund reversed course and sold off its entire position of 26,700 shares during Q1.

Other hedge funds have likewise been bailing on Meta Platforms, Inc. (NASDAQ:META) in recent quarters ahead of the company’s disastrous Q1 results, as hedge fund ownership of META fell for the third-straight quarter in Q1 and has declined by 26% during that time.

Meta Platforms, Inc. (NASDAQ:META)’s metaverse initiatives lost an obscene amount of money during the first quarter. Even worse, the hypothetical fruits that were set to result from those costly endeavors aren’t even ripening as expected, as the company has delayed or outright scrapped several metaverse-related developments. Among that list are its planned smartwatch being canceled, and its Project Navare virtual reality glasses being postponed beyond 2024.