Third Point slashes key megacap tech holdings, but buys this Magnificent 7 name

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Third Point slashes key megacap tech holdings, but buys this Magnificent 7 name

Third Point slashed and dissolved its stakes in some key megacap technology holdings, while opening a fresh position in Tesla during the third quarter. Regulatory filings released Thursday revealed that the Dan Loeb-run hedge fund opened a stake worth roughly $105 million in the electric vehicle behemoth during the *******. Tesla shares rallied more than 32% during the *******, and they have surged more than 24% in November as investors bet that the company will benefit from CEO Elon Musk’s close relationship with President-elect Donald Trump . Shares jumped 29% last week amid Trump’s election victory, propelling the company above the $1 trillion market cap threshold . The stock has been on a volatile ride this year as Tesla grapples with growing China competition and dwindling demand at home that has led to price cuts. Shares are currently up 25% on a year-to-date basis. TSLA 1M mountain Tesla shares over the last month Third Point vacated a nearly $333-million position in Alphabet , and the firm slashed its stakes in

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and Meta Platforms by 45% and about 51%, respectively. The firm trimmed its

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position by nearly 28% and cut its Apple shares by more than 52%. The hedge fund placed a $411 million bet on the iPhone maker during the previous quarter.

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and Meta Platforms remained among the firm’s top ten holdings despite the reductions.

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has lagged its megacap peers this year, with shares up just 13.5%. MSFT YTD mountain Apple shares this year Beyond these key Magnificent Seven players, Loeb liquidated positions in both Verizon Communications and ridesharing giant Uber Technologies . Along with Tesla, Loeb revealed a new position in Brookfield Corp worth about $251 million and fresh stakes in Flutter Entertainment and CVS Health . Loeb hiked his Live Nation Entertainment position by 71% to about $256 million, making it the firm’s tenth largest holding. Loeb more than doubled his stake in Intercontinental Exchange .

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#Point #slashes #key #megacap #tech #holdings #buys #Magnificent

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