Several high-profile hedge fund managers have taken significant stakes in Facebook (FB) over the last month.
Andreas Halvorsen's Viking Global Management bought 4.1 million shares in the third quarter. In addition, Philippe Laffont's Coatue Management purchased 1.4 million shares.
Other hedge fund managers upped their stake in the world's most popular social network. Chase Coleman's Tiger Global Management sharply increased its Facebook stake to 11.7 million shares from just 2 million three months earlier. Similarly, Patrick McCormack's Tiger Consumer Management increased its stake slightly to 1.8 million shares.
The hedge fund managers were obviously undeterred by the fact that 804 million shares held by former employees and those who sold at the initial public offering are now available on the open market. The total available shares has doubled in recent days. Nonetheless, the stock rocketed 12.6% higher yesterday.
Perhaps the smartest money of all, venture capitalist Marc Andreessen of Andreessen Horowitz appears to be holding on to his shares of FB.
Andreessen Horowitz partner Margit Wennmachers said that they will be holding on to most of their shares.
"We believe in the long-term potential of the company and are holding onto it because of that," she said.