NEW YORK—Billionaire Leon Cooperman, hedge fund Lone Pine Capital, and mutual fund manager Polen Capital were among firms that greatly reduced their positions in Facebook-parent Meta Platforms Inc. in the quarter that ended Dec. 31, potentially protecting them from some losses during the company’s record one-day plunge in Feb, according to securities filings released on Monday.
Meta Platforms fell 26 percent on Feb. 3, erasing more than $200 billion in market value, after the company reported its first-ever decline in global daily active users and cited increasing competition from TikTok and other platforms in its weaker-than-expected forecast.
