The Facebook Flip: Funds Exit Early
It wasn’t supposed to end like this.
Fidelity Investments was an early buyer of Facebook Inc. shares. In the spring of 2011, two dozen of its funds bought more than $200 million worth of the company’s private stock. Then, when Facebook went public in May, many of those funds and other Fidelity funds loaded up on publicly traded shares.
Now, many of the giant Boston-based company’s fund managers are shrinking their stakes.