Billionaire investor Stanley Druckenmiller made a notable return to mega-cap technology last quarter, rebuilding huge stakes in Amazon and Meta, while placing a new bet on newly public stablecoin issuer Figure Technology, according to new regulatory filings. Mr. Druckenmiller’s Duquesne Family Office initiated a $96 million position in Amazon and a $56 million holding in Meta during the third quarter. Both stocks are familiar trades to prominent macro investors, who have moved in and out of them over the past few years as market cycles change. Mr. Duquesne also recently opened a $77 million position in Figure Technology, which went public in September. Through the USDF Stablecoin Consortium, Figure is bringing blockchain-based payments to the financial mainstream. Mr. Druckenmiller rose to prominence as a top lieutenant to George Soros at the Quantum Fund, and became famous for helping engineer the fund’s $10 billion bet against the British pound in 1992. He then went on to run Duquesne Capital Management, overseeing $12 billion, before returning the outside capital and converting the company into a family office in 2010. Also in the third quarter, Mr. Druckenmiller added a significant position at iShares MSCI. The Emerging Markets ETF (EEM) is worth just over $100 million, making it his fund’s 10th largest holding. Emerging market stocks have outperformed the U.S. so far this year, with ETFs up more than 30%. The prominent investor became convinced that AI would be as transformative as the advent of the internet, and was widely praised for first acquiring the chipmaker in 2022 and trailing Nvidia early on. Despite his conviction, Druckenmiller said he exited the stock in 2024 and took profit sooner than necessary.
