By David Randall

NEW YORK (Reuters). Billionaire Leon Cooperman was among those who reduced their stakes in Meta Platforms Inc’s quarter ending Dec. 31. This could have protected them from losses in light of the firm’s record February plunge. According to filings, Monday.

Meta Platforms plunged 26% in February, erasing over $200 billion of market value. The company reported its first ever global decline in daily active users on February 3, and also cited increased competition from TikTok in the weaker than expected forecast.

Cooperman sold 22,000 shares of Meta Platforms. Lone Pine Capital was able to sell approximately 1.9 million shares, and halve its entire stake. Polen Capital was the third largest shareholder of the company with approximately 2.8million shares.

Institutional investors seemed to be taking steps back from tech companies with high market shares, which helped broaden the technology sector reach new heights after the outbreak of coronavirus. Investors are concerned about inflation and have punished companies who did not exceed Wall Street’s expectations in this earnings season while rewarding the ones that did. [L1N2UE29L]

Bridgewater Associates led by Ray Dalio, a billionaire, has sold every share of its stake at Netflix Inc (NASDAQ.) during the December quarter, according to reports. Capital Research Global Investors sold 3184,727 shares of the company in its quarter ended December, filings show. This is more than any other company tracked by WhaleWisdom.

Netflix’s shares dropped 20% after it forecasted a lower subscriber growth than was expected. Netflix shares have fallen 34% in the last year.

Amazon.com Inc. shares gained 13.5% after strong earnings reports in February. These gains may have helped firms like Polen Capital who added 320k440 shares to the company’s stock in the December quarter.

The Securities Fillings (also known as 13fs) are forward-looking. They do not reveal whether the firm has sold its stock or increased its position from December 31st.