Loeb's Third Point Shakes Up Portfolio with SpaceX Bet

Dan Loeb's hedge fund, Third Point, made significant changes to its investment portfolio in the second quarter. The New York-based fund added a position in SpaceX and trimmed its stake in Amazon.

Third Point also established positions in several other companies, including Block, Ares Management, Warner Bros. Discovery, and the SPDR S&P 500 ETF Trust. The fund's new position in SpaceX totals approximately 180,420 Class A shares of the Elon Musk-led space and satellite company.

Third Point exited its Nvidia position, totaling 190,000 shares, and sold its entire 90,000-share position in Meta Platforms. The hedge fund also reduced its exposure to several companies tied to the semiconductor industry by exiting Broadcom, KLA, and Lam Research.