Dan Loeb's Third Point Sells Tesla Stake, Buys AI Stock Up 420,000%
Billionaire Dan Loeb's Third Point surprised many by divesting its entire stake in Tesla (TSLA) during the quarter ending in March. This move, revealed in a recent Form 13F filing, wasn't just about profit-taking. Simultaneously, Loeb significantly increased his investment in a rapidly growing company at the forefront of the artificial intelligence (AI) revolution, adding 1.45 million shares.
Understanding Form 13F Filings
Form 13F filings, required for institutional investors managing over $100 million, provide valuable insights into Wall Street's investment trends. While these filings offer a delayed snapshot, they highlight the stocks attracting attention from leading money managers. Dan Loeb, overseeing over $6.5 billion in assets, is known for his profitable strategies involving both small- and large-cap growth stocks.
Loeb's Q1 Activity: Tesla Out, AI In
Loeb's first-quarter activity included initiating 11 new positions and exiting nine entirely. The disposal of Tesla shares, acquired in the third quarter of 2024, raised eyebrows. This coincided with Elon Musk's increased support for Donald Trump, with expectations of a positive impact on Tesla following Trump's election victory. After Trump's win Tesla's stock doubled, adding another layer of intrigue to Loeb's decision to sell.
