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Ray Dalio’s Bridgewater has parted ways with its stake in Tesla, placing new bets on meme stocks, AMC and GameStop, in the first quarter. Yahoo Finance’s Alexandra Semenova has all the details on this one. Alexandra.
ALEXANDRA SEMENOVA: Yeah, guys, Bridgewater Associates, the largest hedge fund in the world run by billionaire investor, Ray Dalio, making some interesting bets last quarter. The hedge fund purchased shares of AMC and GameStop, according to a recent SEC filing.
Interesting and somewhat of an ironic bet there to see a hedge fund betting on meme stocks. And this marks its first ever stake in AMC. The last time that Bridgewater owned shares of GameStop was in early 2018. Had it held its position during the short squeeze last year, it would have been valued at about $1.5 billion. At the time it owned shares, it was about $40 million.
Also taking another interesting stake, Bridgewater switched up Elon Musk for Warren Buffett. The hedge fund took a new position in Berkshire Hathaway and sold its shares of Tesla last quarter.
BRIAN SOZZI: Out with the old, in with the new.
