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Dan Loeb ditched all his shares of Snap





Dan Loeb

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.

The SEC filings represent second quarter holdings by Third Point, so the firm’s positions could have changed since the end of the quarter.

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 read more >>>

Source:: BusinessInsider.Com

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