Third Point revealed T-Mobile and Ally Financial stakes
Daniel Loeb and Third Point LLC weren’t content getting activist with Dow Chemical Co (DOW) and also disclosed stakes in T-Mobile (TMUS), Ally Financial (ALFI), and Intrexon (XON) in his year-end letter to investors.
Loeb is famous for a number of activist campaigns including the one in which he was able to oust Former Yahoo (YHOO) CEO Scott Thompson by proving he lied about having a Computer Science degree. Loeb exposed the fact that the college Thompson listed didn’t even have a Computer Science program at the time, leading to his firing and Marissa Mayer’s eventual hiring. Last July, Loeb sold most of his stake in Yahoo making gains of greater then 129%
While not all of Third Point’s stakes are activist, he has also been highly publicized in his dealings with Sony Corp (SNE) and Sothebys of late. On Sony, Loeb stated:
“Progress on Sony’s growth vectors, while encouraging, needs to be matched by a serious effort to restructure the PC and TV businesses as well as more concerted efforts to realize Entertainment’s value,” Loeb said in today’s letter. “Japanese investors reacted favorably to management teams who took bold restructuring action in 2013, and the market is looking for Sony to pursue a similar path.”
Loeb believes strongly in the T-Mobile merger with Sprint and has invested in Softbank, the parent company of Sprint.