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Hedge funds pay a steep price for Facebook love affair

Funds combined lost nearly $6bn in matter of hours, according to FactSet data

Hedge funds pay a steep price for Facebook love affair

If you think Mark Zuckerberg is the most miserable man on earth today, the hedge funds who have been bullish on Facebook as it blasted its way to records are not far behind.

Facebook, at least until late Wednesday, was the darling of Wall Street. In survey after survey, the stock won cheers, and the title as the most widely held name among storied investors like David Alan Tepper’s Appaloosa and Dan Loeb’s Third Point. They did not immediately comment on their holdings.

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