Melbourne fund manager Munro Partners has dumped its longstanding holding in Facebook, claiming the tech giant’s dispute with the Australian government over news content is just the tip of the iceberg.

Munro Partners chief investment officer Nick Griffin bought into Facebook when it was first listed on Nasdaq in 2012 and the stock has ranked among its top five holdings for a “long time”. But over the past two years, Munro– which manages $3.7 billion – has reduced its exposure to Facebook and last month sold its remaining stock for $130 million.

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