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Third Point sells stake in Snap, acquires stake in BlackRock


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Third Point sells stake in Snap, acquires stake in BlackRock

Third Point LLC, the fund run by Dan Loeb, no longer holds any stake in Snap Inc., the Financial Times reported.

An Aug. 11 regulatory filing indicated that the New York-based hedge fund, which owned 2.25 million shares in the Snapchat parent company at the end of the first quarter, dissolved its share stake in the second quarter, according to the FT. The filing also showed that Third Point raised its stake in Facebook Inc. to 3.5 million shares in the second quarter from 3 million shares at the end of March.

Meanwhile, Third Point also reported in the filing that it acquired 1.55 million shares in BlackRock Inc., which Loeb previously noted to have "potential beyond its asset-management business," and resumed its investment in Chinese e-commerce company Alibaba Group Holding Ltd. with 4.5 million shares at the end of June. Third Point has directly or indirectly invested in Alibaba via its positions in Yahoo and SoftBank in past years, The Wall Street Journal noted.

Bloomberg News previously reported that Third Point has built a $3.5 billion stake in Nestle as of late June.