Third Point Hedge Fund Buys Tesla, Dumps Micron

Third Point, a hedge fund, filed its Form 13F on Thursday, revealing the fund’s trades from the prior quarter. Here’s a look at Third Point’s most significant recent trades. 

New Positions: Third Point opened a total of nine positions during the quarter. The most notable are below. 

• Third Point added a stake in Brookfield Corp. BN with 4.725 million shares valued at $251.1 million, according to data from Whalewisdom. 
• The fund opened a position in Tesla, Inc. TSLA with 400,000 shares. 
• Third Point opened a position in CVS Health Corp. CVS with 1,575,000 shares. 

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Closed Positions: The hedge fund closed out 11 positions with the most notable being American International Group, Inc. AIG, Verizon Communications Inc. VZ and its entire stake in Micron Technology, Inc. MU. 

Notable Trades: Third Point added 1,085,000 shares to its stake in Intercontinental Exchange Inc. ICE, bringing its current position to 2,085,000 shares valued at $334.9 million, according to Whalewisdom. The fund reduced its stake in Amazon.com, Inc. AMZN by 1,400,000 shares with 3,700,000 shares still held. 

Third Point also sold 555,000 Meta Platforms, Inc. META shares, more than half its stake in the company, but still holds 545,000 Meta shares valued at approximately $311.9 million, according to Whalewisdom.

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