Hedge fund Lone Pine Capital LLC recently sold a significant stake in MasterCard, according to an SEC filing.
The group, which owned a 6.1 percent stake in MasterCard, did not give a reason why it was dumping all of their shares. The stake totaled 4.9 million shares.
Lone Pine was created in 1997 by Stephen Mandel, formerly of hedge fund super-group Tiger Management. The fund scored big money in recent years with its position in Google.
The move to dump MasterCard seems to be a curious one. Since going public in May 2006 at $39 per share, the credit card giant’s stock price has risen to current levels of around $150.
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