Third Point slashes key megacap tech holdings, but buys this Magnificent 7 name

Third Point slashed and dissolved its stakes in some key megacap technology holdings, while opening a fresh position in Tesla during the third quarter. Regulatory filings released Thursday revealed that the Dan Loeb-run hedge fund opened a stake worth roughly $105 million in the electric vehicle behemoth during the period. Tesla shares rallied more than 32% during the period, and they have surged more than 24% in November as investors bet that the company will benefit from CEO Elon Musk’s close relationship with President-elect Donald Trump . Shares jumped 29% last week amid Trump’s election victory, propelling the company above the $1 trillion market cap threshold . The stock has been on a volatile ride this year as Tesla grapples with growing China competition and dwindling demand at home that has led to price cuts. Shares are currently up 25% on a year-to-date basis. TSLA 1M mountain Tesla shares over the last month Third Point vacated a nearly $333-million position in Alphabet , and the firm slashed its stakes in Microsoft and Meta Platforms by 45% and about 51%, respectively. The firm trimmed its Amazon position by nearly 28% and cut its Apple shares by more than 52%. The hedge fund placed a $411 million bet on the iPhone maker during the previous quarter. Amazon, Microsoft and Meta Platforms remained among the firm’s top ten holdings despite the reductions. Microsoft has lagged its megacap peers this year, with shares up just 13.5%. MSFT YTD mountain Apple shares this year Beyond these key Magnificent Seven players, Loeb liquidated positions in both Verizon Communications and ridesharing giant Uber Technologies . Along with Tesla, Loeb revealed a new position in Brookfield Corp worth about $251 million and fresh stakes in Flutter Entertainment and CVS Health . Loeb hiked his Live Nation Entertainment position by 71% to about $256 million, making it the firm’s tenth largest holding. Loeb more than doubled his stake in Intercontinental Exchange .