Insiders

Tiger Global raises stake in Microsoft, Jack Dorsey's Block

November 14, 2022 at 02:59 pm EST

(Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp and Jack Dorsey's payments firm Block Inc, a regulatory filing released on Monday showed.

The tech focused investor had logged losses earlier this year as the Federal Reserve's fast-monetary policy tightening and surging inflation weighed on the capital markets, triggering a sell-off in the sector.

The hedge fund trimmed its investments in China's JD.com Inc, digital banking firm Nu Holdings, software firm Blend Labs Inc and cybersecurity firm SentinelOne Inc.

The tech-heavy Nasdaq Composite Index has lost roughly 28% so far this year amid fears of a looming recession and geopolitical turmoil.

Tiger Global also added Pagaya Technologies Ltd and payments processor PayPal Holdings to its portfolio of investments.

The stakes disclosed in the so-called 13-F filing are as of Sept. 30. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings.

The filings are closely watched for possible investment trends and potential future performance.

(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
NASDAQ COMPOSITE	15,282 PTS	-2.05%	-7.06%	-
PAYPAL HOLDINGS, INC.	62.31 USD	+0.34%	-3.53%	65.37B
BLOCK, INC.	70.42 USD	-2.28%	-8.53%	44.78B
SENTINELONE, INC.	20.05 USD	-2.72%	-7.69%	6.39B
BLEND LABS, INC.	2.33 USD	-2.92%	-7.91%	605M
NU HOLDINGS LTD.	10.48 USD	-1.69%	-7.17%	50.8B
PAGAYA TECHNOLOGIES LTD.	9.45 USD	-3.47%	-12.01%	690M

Jack Dorsey

Jack Dorsey is Twitter’s co founder. In 2010, Twitter had more than 105 million users who “tweet” about 55 million times a day.

Until fourteen years old, Jack Dorsey, grew up in Saint Louis, Missouri. He had studied science and Technology at University of Missouri and then joined University of New York.

In 2000, he founded a service which allows to send messages from the Web in order to find quickly a taxi. The idea of communicating in a real time comes from AOL instant messenger.

He meets Odeo’s founders, Noah Glass and Evan Williams. Noah Glass markets AudioBlogger, an application allowing to publish audio files on a blog via telephone. Evan Williams is known as co-founder of Pyra Labs, which in origin was a platform of blogs, taken over by Google in 2003.

Together they create a Twitter’s prototype. The idea is allowing users to say what they are doing via SMS. Open to public on July 13 2006, the first version is called stat.us and then twitter.

Until October 16 2008, Jack Dorsey is a CEO. Then he became chairman of the board, and Evan Williams succeeded him.

With its ease of use, Twitter becomes rapidly very popular. In 2007, Twitter won South by Southwest Web awards for blogs.

In May 2009, Dorsey announced his new project, Square, originally the name was Squirrel. This is a start-up which allows people to receive payments by credit card through a small device installed on their mobile phone.

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