Soros Fund Management owns 17,386,361 shares of the retailer, the 13G filing shows.
The stock is soaring on the news.
JCPenney was last trading up about 6% in the after-hours session.
Earlier this month, the struggling retailer said that its CEO Ron Johnson had stepped down effective immediately. JCPenney's former CEO Mike Ullman became the interim chief.
Soros' stake has to be good news for activist investor Bill Ackman.
Ackman, the CEO of $12 billion Pershing Square Capital Management, is the biggest shareholder of JCP with a 18.11% stake, or 39,075,771 shares, according his latest 13F filing. He has taken a bath on the stock so far.
Both Pershing Square and Soros Fund Management are also located in the same building, 888 Seventh Avenue.
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