Billionaire fund manager Paul Tudor Jones trimmed stakes in Disney, Broadcom, and several Chinese companies in the second quarter, while also cutting his position in Alphabet, according to Tudor Investment’s Form 13F filing with the U.S. SEC. Surprisingly, the fund disclosed a fast-growing position in Opendoor, an online real estate platform that is a retail favorite. Shares of Opendoor have surged 70% over the past week.

Details

According to its Form 13F filed with the SEC, Tudor Investment Corp. has made a significant bet on Opendoor Technologies Inc., increasing its stake in the online real estate platform from 228,000 shares to 2.68 million shares in the second quarter, a 1,000% increase. Among other notable moves:

  • Tudor has added gold miners such asB2Gold Corp. and Coeur Mining Inc.

  • It expanded its use of options tied to the iShares Russell 2000 ETF and Invesco QQQ Trust, indicating a strategic positioning for deeper index exposure, Benzinga reckons.

  • The hedge fund completely sold out of Walt Disney Co. and Broadcom Inc.

  • It walked away from several Chinese equity positions, including holdings in the iShares China Large-Cap ETF.

  • The hedge fund exited the ProShares Bitcoin ETF and slightly increased its stake in the iShares Bitcoin Trust ETF.

  • The trimming down included Alphabet, hinting at a cautious stance on AI as well as the Magnificent Seven, Benzinga believes.

Stock performance

Tudor Investment invested in Opendoor before the stock’s sharp rally. In April and June, shares traded below $1 apiece, hitting a low of $0.51 per share. Yesterday, August 14, they closed at $3 per share. The surge that began in mid-July drove a 438% gain between July 1 and August 14, including a 70% jump over the past week. Despite the volatility, the stock remains up 108% year to date. It is not yet clear whether Tudor has taken profit; the fund must disclose its third-quarter trades within 45 days of quarter-end.

Opendoor's stock rose another 10% on Friday after CEO Carrie Wheeler announced her resignation under pressure from investors, CNBC reported. They were unhappy with the quarterly financials released earlier this month. Opendoor said it has cut marketing spending and plans to buy only 1,200 homes in the third quarter, down from 1,757 in the second quarter and nearly triple the number from a year ago, when it bought 3,504 homes in the third quarter of 2024.

Some analysts call Opendoor a meme stock, but its supporters, including EMJ Capital founder Eric Jackson, disagree. Jackson is thought to have played a part in the rally over the summer, writing X posts that went viral among retail investors, Reuters wrote.

"When I first started tweeting about Opendoor last Monday afternoon," Jackson was quoted as saying, "I definitely wasn’t thinking it was going to be considered a meme stock. It’s a real business. It’s not just investors pinning their hopes on some fake crypto coin."

According to MarketWatch, half of the analysts tracking Opendoor stock (four out of eight) rate it as a "sell." Meanwhile, it has three "hold" recommendations and only one "buy." The Wall Street consensus target price is $1.02 per share, 66% below the market price as of August 14.

The AI translation of this story was reviewed by a human editor.

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