Billionaires Unloaded These 24 Stocks In Q2

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5. PG&E (PCG, $8.87)

The San Francisco Examiner

Come Q2, David Tepper’s Appaloosa Management sold almost 2.4 million shares of the embattled California utility PG&E. While it wasn’t Appaloosa’s biggest share sale of the quarter, it was a sizable 21% reduction nevertheless. Tepper paid approximately $22.25 a share on average for PCG stake, which remains Appaloosa’s 20th largest position. The firm first bought PCG shares in the fourth quarter of 2017. Appaloosa, along with Third Point LLC, participated in a June private placement that raised $3.25 billion for the ailing utility. Shares were purchased on July 1, the day that PG&E emerged from bankruptcy. The company used the proceeds from the private placement to fund its exit financing. In late June, the company raised an additional $5.5 billion from the sale of shares at $9.50 apiece, and from the sale of equity units paying 5.5% interest, possessing a conversion premium of 22.5%.