This Billionaire Just Bet Big on a Controversial AI Stock. Should You?
AppLovin (NASDAQ: APP) has been a lightning rod for controversy recently, with three separate short sellers issuing bearish reports on the company this year. However, one billionaire investor was clearly unconvinced by the reports, making AppLovin stock the largest new position in his portfolio during the first quarter.Billionaire Chase Coleman of Tiger Global Management bought nearly $575 million worth of AppLovin stock last quarter, the most he bought of any stock in the period. The stock now represents a 1.7% position and is his 16th-largest holding. Coleman is a highly successful, growth-oriented investor specializing in tech stocks who generally takes a long-term view. He tends to maintain a concentrated portfolio and isn't afraid to be aggressive. As such, his purchase of AppLovin stock is a big vote of confidence in the stock. Investors like Coleman have a lot of resources and connections, and he surely did his due diligence before investing.Continue reading
AppLovin (NASDAQ: APP) has been a lightning rod for controversy recently, with three separate short sellers issuing bearish reports on the company this year. However, one billionaire investor was clearly unconvinced by the reports, making AppLovin stock the largest new position in his portfolio during the first quarter.
Billionaire Chase Coleman of Tiger Global Management bought nearly $575 million worth of AppLovin stock last quarter, the most he bought of any stock in the period. The stock now represents a 1.7% position and is his 16th-largest holding.
Coleman is a highly successful, growth-oriented investor specializing in tech stocks who generally takes a long-term view. He tends to maintain a concentrated portfolio and isn't afraid to be aggressive. As such, his purchase of AppLovin stock is a big vote of confidence in the stock. Investors like Coleman have a lot of resources and connections, and he surely did his due diligence before investing.
