Third Point sells off Tesla and makes these other 'Magnificent Seven' moves

Dow Jones

16 May

MW Third Point sells off Tesla and makes these other 'Magnificent Seven' moves

By Bill Peters

Fund also takes new stakes in Pinterest, U.S. Steel in first quarter

Daniel Loeb's Third Point sold off its stakes in electric-vehicle maker Tesla Inc. and social-media giant Meta Platforms Inc. during the first quarter and cut its position in Amazon.com Inc. However, the hedge fund took a new stake in AI chipmaker Nvidia Corp.

The fund offloaded all 500,000 shares it had in Tesla $(TSLA)$, and sold its 665,000 shares in Meta $(META)$. It also cut its stake in Amazon $(AMZN)$ by more than a million shares to 2.35 million overall.

Third Point snapped up 1.45 million shares of Nvidia. $(NVDA)$

Shares of Tesla fell 0.1% after hours on Thursday. Nvidia was down less than that.

Analysts have debated the growth prospects of the biggest tech companies, which have faced concerns about a slowdown in online shopping and ad spending amid broader economic uncertainty this year, as well as concerns about the costs and the payoff of big investments in artificial intelligence. Tesla faced questions this year about EV demand.

Third Point also bought 1 million shares of Pinterest Inc. $(PINS)$ for a new stake, and also took a new 3.625 million-share stake in U.S. Steel Corp. $(X)$

-Bill Peters

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 15, 2025 17:28 ET (21:28 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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However, the hedge fund took a new stake in AI chipmaker Nvidia Corp. \n</p>\n<p>\n     The fund offloaded all 500,000 shares it had in Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and sold its 665,000 shares in Meta <a href=\"https://laohu8.com/S/META\">$(META)$</a>. It also cut its stake in Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> by more than a million shares to 2.35 million overall. \n</p>\n<p>\n     Third Point snapped up 1.45 million shares of Nvidia. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> \n</p>\n<p>\n     Shares of Tesla fell 0.1% after hours on Thursday. Nvidia was down less than that. \n</p>\n<p>\n     Analysts have debated the growth prospects of the biggest tech companies, which have faced concerns about a slowdown in online shopping and ad spending amid broader economic uncertainty this year, as well as concerns about the costs and the payoff of big investments in artificial intelligence. Tesla faced questions this year about EV demand. \n</p>\n<p>\n     Third Point also bought 1 million shares of Pinterest Inc. <a href=\"https://laohu8.com/S/PINS\">$(PINS)$</a> for a new stake, and also took a new 3.625 million-share stake in U.S. Steel Corp. <a href=\"https://laohu8.com/S/X\">$(X)$</a> \n</p>\n<p>\n     -Bill Peters \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 15, 2025 17:28 ET (21:28 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2535806356","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2535806356","pubTimestamp":1747344480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Fund also takes new stakes in Pinterest, U.S. Steel in first quarter. Daniel Loeb's Third Point sold off its stakes in electric-vehicle maker Tesla Inc. and social-media giant Meta Platforms Inc. during the first quarter and cut its position in Amazon.com Inc. However, the hedge fund took a new stake in AI chipmaker Nvidia Corp.The fund offloaded all 500,000 shares it had in Tesla , and sold its 665,000 shares in Meta . It also cut its stake in Amazon  by more than a million shares to 2.35 million overall.Third Point snapped up 1.45 million shares of Nvidia. . Shares of Tesla fell 0.1% after hours on Thursday. Nvidia was down less than that.Analysts have debated the growth prospects of the biggest tech companies, which have faced concerns about a slowdown in online shopping and ad spending amid broader economic uncertainty this year, as well as concerns about the costs and the payoff of big investments in artificial intelligence. 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However, the hedge fund took a new stake in AI chipmaker Nvidia Corp. \n\n\n     The fund offloaded all 500,000 shares it had in Tesla $(TSLA)$, and sold its 665,000 shares in Meta $(META)$. It also cut its stake in Amazon $(AMZN)$ by more than a million shares to 2.35 million overall. \n\n\n     Third Point snapped up 1.45 million shares of Nvidia. $(NVDA)$\n\n\n     Shares of Tesla fell 0.1% after hours on Thursday. Nvidia was down less than that. \n\n\n     Analysts have debated the growth prospects of the biggest tech companies, which have faced concerns about a slowdown in online shopping and ad spending amid broader economic uncertainty this year, as well as concerns about the costs and the payoff of big investments in artificial intelligence. Tesla faced questions this year about EV demand. \n\n\n     Third Point also bought 1 million shares of Pinterest Inc. $(PINS)$ for a new stake, and also took a new 3.625 million-share stake in U.S. Steel Corp. $(X)$\n\n\n     -Bill Peters \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 15, 2025 17:28 ET (21:28 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}