David Tepper dumps Apple

Reuters

Hedge fund billionaire David Tepper has dumped his massive Apple investment, according to a filing with the SEC.

Tepper had previously held 1.26 million shares, last valued around $133 million according to data from Bloomberg.

This makes another hedge fund to dump the technology giant. Carl Icahn announced April 28 that he had sold all of his shares of Apple due to concerns over growth in China. Greenlight Capital's David Einhorn has also been decreasing his stake for some time. 

Apple has been faced with slowing iPhone sales and disappointing earnings, sending the stock lower. In fact, the company  lost its status as the most valuable company in the world.

Tepper's fund Appaloosa also purchased 945,000 shares of the troubled pharmaceutical company worth $24.8 million during the first quarter. He has since sold the stake in the company, however, making a profit from the trade.

More to come...

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