Top 5 Stocks Billionaire Seth Klarman is Selling Off

3. eBay Inc (NASDAQ:EBAY)

Net Amount of Shares Baupost Group Sold in Q4: 5.98 million

Number of Hedge Fund Holders: 53

Seth Klarman unloaded his entire position in eBay Inc (NASDAQ:EBAY) during Q4, cutting ties with the company he had been a shareholder of since Q4 2018. eBay shares gained over 150% between the middle of that quarter and the middle of Q4 2021. They’ve slumped by 32% since October 21 however due to the investor flight from tech stocks.

eBay Inc (NASDAQ:EBAY) was a big winner during the first year-plus of the pandemic, as house-bound consumers increasingly turned to online channels to satisfy their shopping fix. With the effects of the pandemic beginning to wane, eBay has begun losing active buyers again, 5 million in total during Q4. On a trailing 12-month basis, eBay’s 147 million active buyers were down by 9% year-over-year.

eBay Inc (NASDAQ:EBAY) has instead focused on high-value buyers, which it says grew by 3% last year. That shift appears to be helping the company’s bottom line (though not its top line), as its marketing efforts have become more directed and effective, reducing spending. eBay grew adjusted earnings per share by 24% year-over-year in Q4.