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Here's what else besides Disney that hedge fund Third Point loaded up on recently

By Claudia Assis

Amazon and Rivian holdings were sold off, filing shows

Activist investor Daniel Loeb's Third Point LLC has bought new stakes in T-Mobile US Inc. and Colgate Palmolive Co. , and sold off holdings on EV maker Rivian Automotive Inc. and Amazon.com Inc., among other investment decisions, according to a filing late Monday.

Third Point earlier Monday disclosed a fresh stake on Walt Disney Co., saying it would seek changes in the media giant.

In a letter to Disney (DIS), the fund, which manages about $14 billion in assets, suggested cost cuts, a continuation of the dividend halt in order to conserve cash, and a spinoff of Disney's ESPN business, among other proposals. Third Point bought 1 million Disney shares in the quarter ended June 30, according to the filing.

Third Point also bought more nearly 1.99 million shares of Colgate Palmolive (CL), and nearly half a million shares of T-Mobile (TMUS).

The hedge fund got rid of its Amazon.com (AMZN) and Rivian (RIVN) holdings, as well as its Dell Technologies Inc. (DELL), Intuit Inc. (INTU) and Microsoft Corp. (MSFT) positions.

Third Point also sold off all its stakes in Western Digital Corp. (WDC) and Zendesk Inc. (ZEN), among others.

-Claudia Assis

 

(END) Dow Jones Newswires

08-15-22 1803ET

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