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Tiger Global Dumped 1.62 Million LinkedIn Shares
Tiger Global has made plenty of money in the last two years on Internet stocks. Recently, it dumped 1.62 million LinkedIn shares.
Tiger Global recently sold more than 1.52 million shares of LinkedIn.
The hedge fund and private equity firm said in a regulatory filing it unloaded the shares between June 20 and July 27 for roughly $101 to $106 per share.
The stock is down about 2 percent to below $102 in early afternoon trading on Tuesday.
More than 371,000 shares were sold by Tiger Global Private Investment Partners V, one of seven private equity funds controlled by Chase Colemans firm.
Another 1.6 million shares were sold by other private funds managed by Tiger Global Management and its affiliates.
Tiger Global has been among the best performing hedge funds for the past two years in large part due to its aggressive investments in Internet stocks throughout the world.
A number of Internet stocks have been sagging of late, most notably Facebook after its IPO.
However, LinkedIns shares have been hanging tough, although they are down from a high of $117.30 back in May.
Keep in mind that the stock went public at $45. So, Coleman and his team are locking in huge gains.
Tiger Global said it now owns 3.3 percent of LinkedIns stock after the reported sales.