Tiger Global slashes bets on big tech amid global sell-off
Prolific tech investor Tiger Global has slashed its bets on big tech firms in the first quarter of the year after suffering heavy losses amid a global tech rout.
The total value of the New York hedge fund’s public stock positions fell from $46bn at the end of last year to just over $26bn at the end of the first quarter of 2022, according to regulatory filings reported by the Financial Times.
Tiger Global, led by Chase Coleman, sold its entire holding in some of its most high-profile tech firms including Bumble, Airbnb and Chinese ride-hailing firm Didi.
The sell-off from Tiger Global comes as tech stocks have plunged in value in the first three months of the year as investors seek steadier ground amid soaring inflation and jitters sparked by Russia’s invasion of Ukraine.
Tiger Global has reportedly been hit by losses of about $17bn during this year’s tech sell-off, one of the biggest plunges for a hedge fund in history.