Reuters/ Steve Marcus
Dan Loeb’s Third Point hedge fund, which manages roughly $17.5 billion in assets, has sold its entire stake in Snap Inc., according to regulatory filings released late Friday.
Third Point had originally purchased 2.25 million shares of Snapchat’s parent company during the first quarter of 2017, filings show.
Despite Snap’s steep losses, leaving the company’s shares down 30% since its IPO in March, Third Point managed to earn a 4.6% return on its Offshore Fund, bringing its total returns for the year to 10.7%, Reuters reported.
In addition to Snap, Third Point also sold its shares of Salesforce and Qualcomm. Salesforce stock is up roughly 29% since the beginning of the year, while Qualcomm is relatively flat for the same period.
Snap stock closed at $11.75 Friday in New York, after taking a major hit on Thursday after a disappointing earnings statement in which the company announced an adjusted loss of $0.16 a share.