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Ray Dalio’s hedge fund dumps Tesla stock, buys up meme stocks

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Yahoo Finance’s Alexandra Semenova joins the Live show to discuss Ray Dalio’s Bridgewater hedge fund dumping Tesla stock.

Video Transcript

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. Ray Dalio's Bridgewater has parted ways with its stake in Tesla, placing new bets on meme stocks, AMC and GameStop, in the first quarter. Yahoo Finance's Alexandra Semenova has all the details on this one. Alexandra.

ALEXANDRA SEMENOVA: Yeah, guys, Bridgewater Associates, the largest hedge fund in the world run by billionaire investor, Ray Dalio, making some interesting bets last quarter. The hedge fund purchased shares of AMC and GameStop, according to a recent SEC filing.

Interesting and somewhat of an ironic bet there to see a hedge fund betting on meme stocks. And this marks its first ever stake in AMC. The last time that Bridgewater owned shares of GameStop was in early 2018. Had it held its position during the short squeeze last year, it would have been valued at about $1.5 billion. At the time it owned shares, it was about $40 million.

Also taking another interesting stake, Bridgewater switched up Elon Musk for Warren Buffett. The hedge fund took a new position in Berkshire Hathaway and sold its shares of Tesla last quarter.

BRIAN SOZZI: Out with the old, in with the new.

JULIE HYMAN: Yeah, I guess so. I don't know. I mean, the 13Fs really show us a lot of interesting moves on the part of different investors, and in part because sometimes people try to sort of chase what they do. So that's why you see these stocks up today, even though they've already done their buying. They've already done their moves.

ALEXANDRA SEMENOVA: Yeah, absolutely. The moves come, you know, of course, during the interesting quarter for Tesla. It closed higher during the quarter, but it's down 37% year to date. The move does come, however, before Elon Musk's pursuit of the Twitter deal, so definitely interesting to see that transaction before everything that's playing out today.

BRIAN SOZZI: All right, Alexandra Semenova, good to see you.