David Tepper dumps all his shares of Snap

David TepperBloomberg TVDavid Tepper, founder and President of Appaloosa Management, a $US7 billion hedge fund

Appaloosa Management, the $US7 billion hedge fund founded by David Tepper, sold off all of its 100,000 shares of Snap, Inc. during the second quarter, according to regulatory documents filed Monday.

The stake is valued at around $US1.26 million based on Monday’s closing price.

The New Jersey-based fund purchased the shares of Snap at some point between the company’s IPO on March 2 and the end of the first quarter on March 31.

Depending on when Appaloosa purchased the shares, and when exactly it sold, it is likely that the firm took a sizable hit thanks to Snap’s almost constant decline in stock price since going public.

The SEC filings represent second quarter holdings by Appaloosa, so the firm’s positions could have changed since the end of the quarter.

Despite the possible loss, Appaloosa’s holdings were up 18% during the quarter, according to Bloomberg. The S&P 500 rose 2.6% during the same period.

Appaloosa also increased its holdings of Snap competitor Facebook by 448,868 shares, or 24%, giving the fund’s total investment in Facebook a valuation of $US355.7 million, according to Bloomberg.

Shares of Snap closed at $US12.60 on Monday, up 6.51% from a record low earlier in the day thanks to disappointing earnings reported Friday.

Get the latest Snap stock price here.

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