Why Did Stan Druckenmiller Sell Broadcom Stock?
In Q3, legendary macro investor Stan Druckenmiller sold his entire…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $64.3K | $39K | $324.1K | $150.9K | $72.2K | |
| Other Inc / (Exp) | -- | $71K | $143.3K | -- | -- | |
| Operating Expenses | $64.3K | $1.2M | $324.1K | $193.3K | $72.2K | |
| Operating Income | -$64.3K | -$1.2M | -$324.1K | -$193.3K | -$72.2K | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$64.3K | -$1.1M | -$177.4K | -$193.3K | -$72.2K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$64.3K | -$1.1M | -$177.4K | -$193.3K | -$72.2K | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$64.3K | -$1.1M | -$177.4K | -$193.3K | -$72.2K | |
| Basic EPS (Cont. Ops) | -$0.03 | -$0.04 | -$0.01 | -$0.01 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.03 | -$0.04 | -$0.01 | -$0.01 | -$0.00 | |
| Weighted Average Basic Share | $3.3M | $25.5M | $32.1M | $25.6M | $32.2M | |
| Weighted Average Diluted Share | $3.3M | $25.5M | $32.1M | $25.6M | $32.2M | |
| EBITDA | -$64.3K | -$1.2M | -$324.1K | -$193.3K | -$72.2K | |
| EBIT | -$64.3K | -$1.2M | -$324.1K | -$193.3K | -$72.2K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$64.3K | -$1.2M | -$324.1K | -$193.3K | -$72.2K | |
| Operating Income (Adjusted) | -$64.3K | -$1.2M | -$324.1K | -$193.3K | -$72.2K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $61.3K | $67.6K | $21.9K | $13.9K | $6.4K | |
| Other Inc / (Exp) | $19.9K | $31.5K | -- | -- | -- | |
| Operating Expenses | $61.3K | $67.6K | $21.9K | $13.9K | $6.4K | |
| Operating Income | -$61.3K | -$67.6K | -$21.9K | -$13.9K | -$6.4K | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$41.5K | -$35.4K | -$21.9K | -$13.9K | -$6.4K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$41.5K | -$32.1K | -$21.9K | -$13.9K | -$6.4K | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$41.5K | -$35.4K | -$21.9K | -$13.9K | -$6.4K | |
| Basic EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.00 | -$0.00 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.00 | -$0.00 | -$0.00 | |
| Weighted Average Basic Share | $24.5M | $32.2M | $32.2M | $28.9M | $32.2M | |
| Weighted Average Diluted Share | $24.5M | $32.2M | $32.2M | $28.9M | $32.2M | |
| EBITDA | -$61.3K | -$67.6K | -$21.9K | -$13.9K | -$6.4K | |
| EBIT | -$61.3K | -$67.6K | -$21.9K | -$13.9K | -$6.4K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$61.3K | -$67.6K | -$21.9K | -$13.9K | -$6.4K | |
| Operating Income (Adjusted) | -$61.3K | -$67.6K | -$21.9K | -$13.9K | -$6.4K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $180.7K | $304.9K | $173.9K | $80K | $57.3K | |
| Other Inc / (Exp) | $39.6K | $125.7K | $37.6K | -- | -- | |
| Operating Expenses | $232K | $1.4M | $173.9K | $129.7K | $57.3K | |
| Operating Income | -$232K | -$1.4M | -$173.9K | -$129.7K | -$57.3K | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$192.4K | -$1.1M | -$135.3K | -$129.7K | -$57.3K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$223K | -$1.1M | -$135.3K | -$129.7K | -$57.3K | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$192.4K | -$1.1M | -$135.3K | -$129.7K | -$57.3K | |
| Basic EPS (Cont. Ops) | -$0.01 | -$0.04 | -$0.00 | -$0.00 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.01 | -$0.04 | -$0.00 | -$0.00 | -$0.00 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$232K | -$1.4M | -$173.9K | -$129.7K | -$57.3K | |
| EBIT | -$232K | -$1.4M | -$173.9K | -$129.7K | -$57.3K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$232K | -$1.4M | -$173.9K | -$129.7K | -$57.3K | |
| Operating Income (Adjusted) | -$232K | -$1.4M | -$173.9K | -$129.7K | -$57.3K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $165.7K | $271.6K | $119.7K | $48.8K | $33.8K | |
| Other Inc / (Exp) | $39.6K | $105.8K | -- | -- | -- | |
| Operating Expenses | $173.2K | $271.6K | $119.7K | $56.1K | $33.8K | |
| Operating Income | -$173.2K | -$271.6K | -$119.7K | -$56.1K | -$33.8K | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$133.7K | -$165.1K | -$119.7K | -$56.1K | -$33.8K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$164.3K | -$161.8K | -$119.7K | -$56.1K | -$33.8K | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$133.7K | -$165.1K | -$119.7K | -$56.1K | -$33.8K | |
| Basic EPS (Cont. Ops) | -$0.01 | -$0.01 | -$0.00 | -$0.00 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.01 | -$0.01 | -$0.00 | -$0.00 | -$0.00 | |
| Weighted Average Basic Share | $52.3M | $96.4M | $96.5M | $89.9M | $96.5M | |
| Weighted Average Diluted Share | $52.3M | $96.4M | $96.5M | $89.9M | $96.5M | |
| EBITDA | -$173.2K | -$271.5K | -$119.7K | -$56.1K | -$33.9K | |
| EBIT | -$173.2K | -$271.5K | -$119.7K | -$56.1K | -$33.9K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$173.2K | -$271.6K | -$119.7K | -$56.1K | -$33.8K | |
| Operating Income (Adjusted) | -$173.2K | -$271.5K | -$119.7K | -$56.1K | -$33.9K | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $331.5K | $1.1M | $85.2K | $61.8K | $1.7K | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | $35.1K | $75K | $5.5K | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $1.1K | $17.9K | $14.1K | $9.3K | $8.1K | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $334.5K | $1.2M | $174.4K | $76.6K | $9.9K | |
| Property Plant And Equipment | $49.4K | -- | -- | -- | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $383.8K | $1.8M | $1.6M | $81.6K | $14.9K | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | $48.2K | -- | $39.2K | $39.6K | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | $143.3K | -- | -- | -- | |
| Total Current Liabilities | $23.8K | $193.8K | $272.8K | $333.4K | $337K | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $23.8K | $389.1K | $272.8K | $333.4K | $337K | |
| Common Stock | $522.8K | $2.4M | $2.4M | $2.4M | $2.4M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $360K | $1.4M | $1.3M | -$251.9K | -$322.1K | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $360K | $1.4M | $1.3M | -$251.8K | -$322.1K | |
| Total Liabilities and Equity | $383.8K | $1.8M | $1.6M | $81.6K | $14.9K | |
| Cash and Short Terms | $331.5K | $1.1M | $85.2K | $61.8K | $1.7K | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $252K | $313.1K | $16.4K | $2.4K | $2K | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | $90.7K | $10.3K | $320 | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $3.2K | $23.5K | $9.9K | $10.6K | $5.7K | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $258.8K | $427.2K | $36.6K | $13.4K | $8K | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $258.8K | $1.6M | $1.5M | $1.5M | $13K | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | $32.7K | $33.1K | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | $37.6K | -- | -- | -- | |
| Total Current Liabilities | $10.9K | $282.7K | $269.6K | $324.2K | $368.9K | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $10.9K | $282.7K | $269.6K | $324.2K | $368.9K | |
| Common Stock | $522.8K | $2.4M | $2.4M | $2.4M | $2.4M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $247.9K | $1.3M | $1.3M | $1.2M | -$355.9K | |
| Total Liabilities and Equity | $258.8K | $1.6M | $1.5M | $1.5M | $13K | |
| Cash and Short Terms | $252K | $313.1K | $16.4K | $2.4K | $2K | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$64.3K | -$1.1M | -$177.4K | -$193.3K | -$72.2K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | $75.6K | $35K | $1.9K | |
| Change in Accounts Receivable | $4K | -$3.4K | -$36.2K | $69.6K | $5.5K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$51.9K | -$260.2K | -$254.3K | -$23.4K | -$60.1K | |
| Capital Expenditures | -- | -- | $817.3K | -- | -- | |
| Cash Acquisitions | -- | $29.3K | -- | -- | -- | |
| Cash From Investing | -- | $445.6K | -$789.3K | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $500K | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -$35.6K | -- | -- | -- | |
| Cash From Financing | $2.5K | $940.4K | -- | -- | -- | |
| Beginning Cash (CF) | $380.9K | $1.1M | $85.2K | $61.8K | $1.7K | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$49.4K | $1.1M | -$1M | -$23.4K | -$60.1K | |
| Ending Cash (CF) | $331.5K | $2.3M | -$958.4K | $38.5K | -$58.4K | |
| Levered Free Cash Flow | -$51.9K | -$260.2K | -$1.1M | -$23.4K | -$60.1K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$41.5K | -$32.1K | -$21.9K | -$13.9K | -$6.4K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | $31K | $6.8K | -- | -- | |
| Change in Accounts Receivable | -- | -$19.8K | $2K | -$200 | -$100 | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$41.5K | -$108K | -$6.8K | -$5.9K | $200 | |
| Capital Expenditures | -- | $183.2K | $13.5K | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -$183.2K | -$13.5K | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | $252K | $313.1K | $16.4K | $2.4K | $2K | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$41.5K | -$291.1K | -$20.3K | -$5.9K | $200 | |
| Ending Cash (CF) | $210.6K | $21.9K | -$3.9K | -$3.5K | $2.2K | |
| Levered Free Cash Flow | -$41.5K | -$291.2K | -$20.3K | -$5.9K | $200 | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$223K | -$1.1M | -$135.3K | -$129.7K | -$57.3K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | $55.2K | $51.3K | $6.1K | -- | |
| Change in Accounts Receivable | -$28.7K | -$64.5K | $94K | $5.7K | $100 | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$173.5K | -$349.8K | -$3.1K | -$59.8K | -$7.6K | |
| Capital Expenditures | -- | $541.5K | $345.6K | -$69.8K | -$15.3K | |
| Cash Acquisitions | -- | $29.3K | -- | -- | -- | |
| Cash From Investing | -$29.2K | -$95.9K | -$293.6K | $45.8K | $7.3K | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $561.8K | $440.4K | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $359.1K | -$5.3K | -$296.7K | -$14K | -$400 | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$173.5K | -$891.3K | -$348.7K | $10.1K | $7.7K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$164.3K | -$161.8K | -$119.7K | -$56.1K | -$33.8K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | $31K | $30.8K | $1.9K | -- | |
| Change in Accounts Receivable | -- | -$61.1K | $69K | $5.2K | -$400 | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$184.6K | -$274.2K | -$23K | -$59.4K | $400 | |
| Capital Expenditures | -- | $541.5K | $69.8K | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -$541.5K | -$45.8K | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $500K | -- | -- | -- | -- | |
| Cash From Financing | $500K | -- | -- | -- | -- | |
| Beginning Cash (CF) | $895.8K | $1.8M | $118.9K | $18.5K | $6K | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $315.4K | -$815.7K | -$68.8K | -$59.4K | $400 | |
| Ending Cash (CF) | $882.7K | $991.6K | $50.2K | -$40.9K | $6.2K | |
| Levered Free Cash Flow | -$184.6K | -$815.7K | -$92.8K | -$59.4K | $400 | |
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