Soros Fund Management, owned by billionaire George Soros, has sharply reduced its stake in AOL about six months after AOL split with Time Warner, according to a regulatory filing with the US Securities & Exchange Commission on Monday.
The Fund cut its stake from 537,600 shares in the quarter ended in March -- the company's first full period following the hive-off -- to 240,400 shares in the quarter ended in June.
The American internet and media company posted a second quarter loss of $1.1bn earlier this month. The losses were mostly due to a massive restructure and decline in online advertising sales.
AOL chief executive Tim Armstrong has urged Wall Street to be patient with the company's turnaround.
Meanwhile, the Fund maintained its 3.5 million share position in AOL's closest rival, Yahoo.
