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Tags: third point | facebook | social media | investing

Third Point Hedge Fund Exits Facebook After 'Very Disappointing Quarter'

Third Point Hedge Fund Exits Facebook After 'Very Disappointing Quarter'
(Marcin Jucha/Dreamstime)

Wednesday, 01 August 2018 11:35 AM EDT

Third Point LLC has sold its 4-million-share stake in Facebook Inc, the hedge fund's billionaire founder said on Wednesday, following disappointing results from the social networking giant.

"Yes, that was a very disappointing quarter and we exited the name," Third Point's Daniel Loeb said, referring to Facebook, on a conference call that followed Third Point Reinsurance's results.

Facebook shares fell some 19 percent on Thursday, wiping off $119 billion of the company's market value, after it warned that profit margins would take a hit from rising user privacy costs and slowing revenue growth.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Third Point LLC has sold its 4-million-share stake in Facebook Inc, the hedge fund's billionaire founder said on Wednesday, following disappointing results from the social networking giant.
third point, facebook, social media, investing
93
2018-35-01
Wednesday, 01 August 2018 11:35 AM
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