Nasdaq Bear Market: 2 Growth Stocks That Billionaires Are Selling
The Nasdaq Composite fell into bear market territory in the first quarter as concerns about high inflation, rising interest rates, and the possibility of a recession triggered sharp declines in many stocks. Amid the selling frenzy, Tiger Global Management, run by billionaire Chase Coleman, unloaded nearly 1.2 million shares of Microsoft (NASDAQ: MSFT), and Two Sigma Investments, managed by co-founder John Overdeck, sold 171,000 shares of Airbnb (NASDAQ: ABNB). When such well-respected hedge fund managers are selling these growth stocks, is it a signal that retail investors should follow suit?
Microsoft is one of the best-known brands in the world, and much of its success comes from its cornerstone suite of office productivity programs, Microsoft 365. Applications like Word and Excel are mission-critical for many businesses, and Microsoft holds nearly 90% market share in office productivity software, according to research company Gartner. Even more impressive, Microsoft 365 has more customers than any other enterprise software product in any category.
However, the company has also been successful in other markets, including cybersecurity verticals like endpoint protection and identity management. Additionally, Microsoft Teams is neck and neck with Zoom in videoconferencing market share, Microsoft Azure ranks second behind Amazon Web Services in cloud infrastructure, and Microsoft Dynamics ranks third in customer relationship management (CRM) software.
Source Fool.com
