London: Business magnate George Soros has revealed that he spent around 10.6 million dollars buying over 341,000 shares of Facebook in the second quarter.
The new investment by the Hungarian-American investor and philanthropist, which was revealed in a regulatory filing by Soros Fund Management for his holdings at the end of June, is contrary to moves of other investors who have been rapidly “defriending” Facebook ever since it’s IPO in May.
According to The Telegraph, shares in Facebook, which was one of the biggest listings in history, and one of the worst performing, have plunged by almost 50 percent from their listing price of 38 dollars per share.
A fresh installment of Facebook shares could hit the market this week, after a ban on the first "lock-up", which prevents staff and pre-IPO investors from selling, is lifted, the paper said.
The ban on selling shares is set to be lifted gradually over a period of nine months, adding nine billion shares to the 421 million offered at the IPO.
Steve Cohen, founder of SAC Capital and another hedge fund heavyweight, also reported a new investment in Facebook with 151,450 shares as of the end of June, the paper added.