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Tiger Global takes $1 billion stake in SoftBank, calling it undervalued

(Reuters) – U.S. hedge fund Tiger Global has built a stake worth over $1 billion in SoftBank Group Corp as it considers the Japanese firm to be undervalued, a source with direct knowledge of the matter said, driving SoftBank shares up as much as 6.8 percent. Tiger, which manages around $22 billion in assets, told investors in a letter that SoftBank’s stock price had not increased over the last five years even though its holding in Chinese e-commerce giant Alibaba had added more than $90 billion in value, the source said on Wednesday.

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