Loeb's Third Point Exits Meta, Tesla, Rotates Into Staples, Telecom, Industrials

Benzinga·05/16/2025 15:39:13

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Amid tariff concerns, activist investor Dan Loeb‘s Third Point LLC made significant changes, shedding stakes or exiting major Magnificent Seven stocks during the first quarter of 2025.

What Happened: A 13F filing released Thursday shows that Third Point completely exited its positions in Meta Platforms Inc. (NASDAQ:META) and Tesla Inc. (NASDAQ:TSLA) during the first quarter of 2025. The hedge fund had previously held 665,000 shares of Meta and 500,000 shares of Tesla at the end of the fourth quarter of 2024.

The investor also fully exited its position in Workday Inc. (NASDAQ:WDAY) in Q1, selling all 500,000 shares it held as of the fourth quarter of 2024.

In addition to the complete exits, Third Point also trimmed several positions in the first quarter compared to the fourth quarter of 2024. Notable reductions include:

Microsoft Corporation (NASDAQ:MSFT): -48%
Intercontinental Exchange Inc. (NYSE:ICE): -47%
Amazon.com, Inc. (NASDAQ:AMZN): -32%
Brookfield Corporation (NYSE:BN): -15%

Here are the top new additions in the first quarter by shares:

Kenvue Inc. (NYSE:KVUE): 8.9 million
AT&T Inc. (NYSE:T): 3.78 million
United States Steel Corporation (NYSE:X): 3.63 million
NVIDIA Corporation (NASDAQ:NVDA): 1.45 million
CoStar Group, Inc. (NASDAQ:CSGP): 1.98 million
Pinterest, Inc. (NYSE:PINS): 1 million
RB Global, Inc. (NYSE:RBA): 950,000
Talen Energy Corporation (NASDAQ:TLN): 585,000
SharkNinja, Inc. (NYSE:SN): 550,000
Caseys General Stores, Inc. (NASDAQ:CASY): 300,000

Here are the top increases in stake in the first quarter compared to the final quarter of 2024 in percentages:

Apollo Global Management, Inc. (NYSE:APO): +275%
Soho House & Co Inc. (NYSE:SHCO): +121%
Capital One Financial (NYSE:COF): +14%

As of the first quarter of 2025, Loeb’s top five holdings were Pacific Gas & Electric Co. (NYSE:PCG), Kenvue, Telephone and Data Systems, Inc. (NYSE:TDS), Soho House, and Brookfield. Of these, all but Brookfield were new or increased positions during the quarter.

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