Liberal billionaire George Soros drastically increased his shares in a handful of tech companies after previously bashing such companies as a “menace” and while a coalition of progressive groups he financially backs pushes a campaign that includes a goal of breaking up Facebook.
Soros made the large stock purchases during the second quarter through Soros Fund Management, the financier’s New York City-based investment firm. The purchases include 159,200 shares in Facebook (valued at $31 million), 250,000 shares in Twitter (valued at $11 million), and 54,500 shares in Apple (valued at $10 million), Security and Exchange Commission filings show.
Soros did not have holdings in any of those companies during the first quarter, according to the fund’s previous filings.
Soros additionally reported 12,400 shares in Alphabet, Google’s parent company, valued at $14 million. However, the shares in Alphabet decreased by $12 million from the previous quarter.
Soros made the big bets on tech after lambasting such companies as being a “menace” and “monopolistic” earlier this year at the World Economic Forum in Davos.
“[A]s Facebook and Google have grown into ever more powerful monopolies, they have become obstacles to innovation, and they have caused a variety of problems of which we are only now beginning to become aware,” Soros said.