Billionaire Stanley Druckenmiller turned his back on Wall Street’s Big Tech last quarter, shortly before Apple and Amazon regained momentum on the stock market during this summer of risk-on markets.
Former lead portfolio manager of George Soros’ Quantum Fund, which has a net worth of $ 10.1 billion, according to Bloomberg’s Billionaires Index, warned that the US is headed for recession and equities are in a market. bearish. Duquesne Family Office sold its entire $ 199 million stake in the second quarter Amazon and has discharged over a quarter of its shares Microsoftaccording to a filing from the Securities and Exchange Commission released yesterday.
Druckenmiller as early as 2022 had begun liquidating tech stocks by selling its $ 274 million stake in AlphabetGoogle’s parent company.
During the second quarter, Amazon shares fell 35%, the worst performance since 2001, while Microsoft recorded its worst performance since 2010 with a decline of 17%.
“Given the size of the speculative bubble and the destruction of the markets, given what is happening in Ukraine, given the zero Covid policy in China, I don’t get much comfort from it,” Druckenmiller said last June, believing the bear market will persist. for a long time and in 2023 a recession will materialize.