Summary List Placement
Dan Loeb’s Third Point seems to have sold its Snowflake stock only a few days after buying it.
The billionaire investor’s hedge fund listed Snowflake as one of its best-performing investments in September, after the cloud-data platform went public on September 16.
However, Third Point recently published the contents of its stock portfolio as of September 30, and Snowflake was notably absent.
Loeb and his team may have bought Snowflake shares, celebrated as they more than doubled on their first day of trading, and decided to quickly extract their profits.
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Billionaire investor Dan Loeb appears to have cashed out his Snowflake stock less than two weeks after buying it.
Loeb’s Third Point highlighted Snowflake as one of its winning bets in September in a monthly portfolio update. The hedge fund likely invested in the cloud-data platform when it went public on September 16, and benefited from the stock immediately doubling in value on its first day of trading.
However, there was no sign of Snowflake in Third Point’s quarterly portfolio disclosure on Friday, which listed all of its US stock positions as of September 30. The technology stock was absent from the fund’s October
Source:: Businessinsider – Finance