George Soros Dumps Facebook, Goes For Crypto
Soros’s investment fund has bought a large amount of stock in Overstock.com, CNBC reported.
Overstock is an e-commerce firm that has accepted Bitcoin as a payment since 2014, and their majority-owned subsidiary tZero announced in September that they would team up with financial services companies RenGen and Argon to launch a new trading system for Initial Coin Offerings (ICOs). After their announcement, their share prices spiked up over 200% immediately.
According to regulatory filings released by the the US Securities and Exchange Commission, at the end of the fourth quarter of 2017, the fund held 2,472,188 shares in Overstock, worth USD 157.97 million at the end of the last trading day in December. At the close of trade yesterday, the value had gone down to USD 146.72 million.
The report also shows the fund selling 109,451 shares of Facebook worth USD 19.3 million at the end of the quarter - having sold 367,262 shares the quarter before that.
George Soros, business magnate and one of the world’s most successful investors, founded Soros Fund Management in 1969. In 2010, it was reported to be one of the most profitable firms in the hedge fund industry, averaging a 20% annual rate of return over four decades.
Speaking at the World Economic Forum in Davos this year, Soros cast a favorable light upon blockchain as a technology, but called cryptocurrency a “typical bubble.”