Billionaire Stanley Druckenmiller Just Dumped These 5 Stocks

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

Number of Hedge Fund Shareholders: 224

As noted previously, Druckenmiller unloaded his position in Meta Platforms, Inc. (NASDAQ:FB) during Q4, selling off 105,883 shares of the social media giant and metaverse pioneer. He wasn’t the only one, as a net total of 24 hedge funds dumped their stakes in FB during the quarter just ahead of the stock losing the most value in a single day, $230 billion, in stock market history. Shares are down by 37% in 2022.

Not only has Meta Platforms, Inc. (NASDAQ:FB)’s foray into the metaverse been an extremely costly one for the company, losing $10 billion in Q4, but iOS privacy changes have also hammered ad revenue. The company also suggested that it may have to shut down Facebook and Instagram in Europe if proposed regulations in the region that would prohibit companies from sending Europeans’ data across the Atlantic are enacted.

Nonetheless, Weitz Investment Management didn’t appear to be too concerned about potential regulatory challenges hurting the long-term outlook for Meta Platforms, Inc. (NASDAQ:FB), having this to say about the matter in its Q4 2021 investor letter:

“A couple of other platform companies deserve a mention as well. Meta Platforms and Alphabet have both been under regulatory scrutiny that has affected their valuations. The threats of punitive action are real, but we have tried to be imaginative about how onerous any fines, rule changes or forced divestitures might be, and we believe that the fiveyear outlook for each is well above average under almost any scenario. So, we include these two in the list of the under-appreciated.”