Tepper: Facebook looks 'kinda cheap' at this price and given its growth rate

Appaloosa Management's David Tepper believes that social media giant Facebook's stock looks "kinda cheap" at its current price.

"It's kinda cheap in this market for the growth rate. So we're still holding on as big as we were," Tepper told CNBC's Scott Wapner on Thursday. "It's not the Cambridge Analytica stuff that's more concerning as some of the other stuff with margins and what's going on there. But look, the stock still trades – it looks like it's still trading at 16, 17 times next year."

Facebook shares came off their lows following the hedge fund manager's comments Thursday, but remained just under breakeven for the session.

Appaloosa Management has approximately $14 billion of assets under management. The billionaire investor is also the owner of the National Football League team Carolina Panthers.

This is a developing story. Check back for updates.

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