Saturday, 23 May 2015
Last updated 15 hours ago
Feb 4 2013 | 1:54pm ET
Tiger Global Management has sold off its stake in a major firearms manufacturer in the wake of December's killing of 20 children at a Connecticut elementary school.
The hedge fund owned a 4.2% stake in Sturm, Ruger & Co. as of Sept. 30, but has since sold off the position. New York-based Tiger Global said it will no longer invest in gun stocks, Forbes reports.
It's unclear precisely when Tiger bought and sold the 800,000 Ruger shares, so it is unclear whether the hedge fund made or lost money on the trade. Ruger shares traded between $40.15 and $49.49 during the third quarter, and between $40.60 and almost $50 following the Newtown, Conn., shooting.
Tiger Global has been one of the most successful hedge funds in recent years. The firm did not say why it sold the shares; Tiger Global tends to avoid the spotlight, and some major public pension funds have threatened to divest from managers that own gun companies.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…