Chase Coleman's Tiger Global Sells Some LinkedIn (LNKD) ~ market folly

Monday, July 30, 2012

Chase Coleman's Tiger Global Sells Some LinkedIn (LNKD)

Chase Coleman's tech-oriented hedge fund Tiger Global Management has filed an amended 13D with the SEC regarding its stake in LinkedIn (LNKD).  Per the filing, Tiger Global has reported a 3.3% ownership stake in LNKD with 2,421,981 shares.

This marks a decrease in their position size and the footnotes reveal that Tiger disposed beneficial ownership of 1,620,947 class A shares.

Tiger sold shares on June 18th & 19th, as well as on various dates between July 20th and 27th.  The bulk of their sale came in blocks at $108.67 and $106.57, though they also sold shares as low as $100.99 (shares now trade around $104).

We previously detailed when Coleman's fund took a 1% stake in LinkedIn back in 2010 for $20 million (a $2 billion valuation).  Nowadays, LNKD trades at a $10.7 billion market cap.

The remaining reported shares are mainly held in their "Private Investment Partners" vehicle.  In the past, we've highlighted how Tiger has allocated capital to private investments in the tech sector and have done extremely well there.  LinkedIn completed its initial public offering a year ago.

Chase Coleman was named one of the top 25 highest earning hedge fund managers of 2011.

Per Google Finance, LinkedIn is "a professional network on the Internet with more than 90 million members in over 200 countries and territories. Through the Company’s platform, members are able to create, manage and share their professional identity online, build and engage with their professional network, access shared knowledge and insights, and find business opportunities. Its platform provides members with solutions, including applications and tools, to search, connect and communicate with business contacts, learn about career opportunities, join industry groups, research organizations and share information."

For more on this hedge fund, head to Tiger Global's Burger King stake.

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