George Soros managed to sell off his stake in Facebook before the social media giant’s stock plummeted significantly earlier this year, according to the US Securities and Exchange Commission (SEC) filings.
The documents also show that Soros unloaded some of his Goldman Sachs and Netflix shares in the third quarter, helping him save at least 17.7 million dollars.
All three have dropped drastically since September, with Facebook losing 20 percent, Netflix tumbling 29 percent, and Goldman Sachs down 15 percent.
The developments came after The Guardian reported that Elliot Schrage, Facebook’s outgoing head of communications and policy, acknowledged that the social media giant had paid a research firm to press the media into examining the financial connections between Facebook and George Soros.
Earlier, Facebook CEO Mark Zuckerberg denied knowledge of his company's ties to Definers Public Affairs, a DC-based consulting firm that ostensibly sought to undermine critics by publicizing their association with Soros.
The past few years have seen unstable relations between Facebook and the 88-year-old Hungarian-born billionaire, who is also the founder and chairman of Soros Fund Management.
In November 2017, Soros reportedly sold off 300,000 shares in Facebook, but then bought them back in the summer of 2018.
In his op-ed in The Guardian in February, Soros complained that Facebook along with Google were engaged in a variety of "nefarious" activities, with their content, for which they bear no responsibility, "interfer[ing] with the functioning of democracy and the integrity of elections".
Speaking at the World Economic Forum in Davos, Soros claimed that Facebook and Google have become "obstacles to innovation" and are a “menace” to society whose "days are numbered".