Appaloosa dramatically increased its stake in Uber last quarter, while makin a small bet on Cathie Wood's flagship innovation fund.
Hedge fund veteran David Tepper's Appaloosa Management dramatically increased its stake in Uber last quarter, while building a small bet on Cathie Wood's flagship innovation fund, according to a new regulatory filing. Tepper boosted his Uber stake by 390%, to $190 million, at the end of March, making it his third biggest holding. Shares of Uber have rallied more than 50% this year. The ride-sharing company recently reported first-quarter revenue that beat analysts' expectations.
is used by many short-term momentum traders as a proxy for disruptive technology investing because of its massive liquidity. It also has a high beta, meaning it's more volatile than the broader market.
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