Daniel Loeb's Third Point hedge fund made significant changes to its investment portfolio in the fourth quarter, as it divested its position in Apple while ramping up its stakes in electric-vehicle manufacturer Tesla and social-media powerhouse Meta Platforms.
Reasons for Selling Apple Shares
The decision to sell off Apple shares was driven by Third Point's strategic reallocation of resources towards industries with higher growth potential, such as electric vehicles and social media.
Increasing Bet on Tesla
Third Point's increased investment in Tesla reflects its bullish outlook on the future of electric vehicles and the innovative technologies being developed by the Elon Musk-led company.
Ramping Up Holdings in Meta Platforms
By boosting its holdings in Meta Platforms, formerly known as Facebook, Third Point is betting on the continued growth of the social-media giant and its ability to adapt to evolving digital trends.
