Dan Loeb
The Poison Pen
Third Point
Dan Loeb founded Third Point in 1995 and became notorious for his blistering letters to corporate boards. His writing style ranges from devastating wit to outright aggression — he once called a CEO a 'ship's captain who has turned off the radar in the middle of a storm.' Despite the showmanship, his track record speaks for itself: Third Point has averaged 15%+ annual returns over 25+ years. His most famous campaign was against Yahoo, where he installed Marissa Mayer as CEO. He's pushed for change at Sony (splitting off the entertainment division), Nestlé (selling underperforming brands), and dozens more. Off the clock, he's a serious big-wave surfer.
“Most boards are complacent. Shareholder capital is being destroyed by mediocre management. Someone has to be willing to say it publicly.”
Yahoo activist campaign (2011-2012) — gained board seats, installed new CEO
Third Point's Yahoo stake generated $1B+ in profits.
Sotheby's activist fight (2013-2014)
Bruising proxy fight that consumed time and resources with mixed results.
“I focus on situations where the market is not giving a company credit for what it's worth.”
“My job is to find companies where there's a disconnect between value and price.”
Born in Santa Monica, California
Founds Third Point with $3.3M
Yahoo campaign — installs Marissa Mayer as CEO
Sony campaign — pushes for entertainment spinoff
| # | Position | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | AMZNSHARES | AMAZON COM INC | 1.9M | $404.0M | 19.4% |
| 2 | TDSSHARES | TELEPHONE & DATA SYS INC | 6.6M | $277.9M | 13.3% |
| 3 | CRHSHARES | CRH PLC | 1.9M | $199.7M | 9.6% |
| 4 | SGISHARES | SOMNIGROUP INTERNATIONAL INC | 2.3M | $167.9M | 8.1% |
| 5 | CRSSHARES | CARPENTER TECHNOLOGY CORP | 310.0K | $122.2M | 5.9% |
| 6 | MTZSHARES | MASTEC INC | 320.0K | $103.0M | 4.9% |
| 7 | DHRSHARES | DANAHER CORP DEL | 525.0K | $99.5M | 4.8% |
| 8 | TSMSHARES | TAIWAN SEMICONDUCTOR MANUFAC | 275.0K | $92.9M | 4.5% |
| 9 | APGSHARES | API GROUP CORP | 2.0M | $82.3M | 3.9% |
| 10 | LYVSHARES | LIVE NATION ENTERTAINMENT IN | 465.0K | $70.9M | 3.4% |
| 11 | METASHARES | META PLATFORMS INC | 90.0K | $51.5M | 2.5% |
| 12 | GOOGLSHARES | ALPHABET INC | 175.0K | $50.3M | 2.4% |
| 13 | GLDSHARES | SPDR GOLD TR | 95.0K | $40.9M | 2.0% |
| 14 | HUTSHARES | HUT 8 CORP | 869.6K | $40.8M | 2.0% |
| 15 | NVDASHARES | NVIDIA CORPORATION | 190.0K | $33.1M | 1.6% |
| 16 | TDGSHARES | TRANSDIGM GROUP INC | 25.0K | $29.0M | 1.4% |
| 17 | NSCSHARES | NORFOLK SOUTHN CORP | 100.0K | $28.7M | 1.4% |
| 18 | COFSHARES | CAPITAL ONE FINL CORP | 140.0K | $25.5M | 1.2% |
| 19 | UNPSHARES | UNION PAC CORP | 100.0K | $24.3M | 1.2% |
| 20 | SRTASHARES | STRATA CRITICAL MEDICAL INC | 5.0M | $20.9M | 1.0% |
| 21 | KLACSHARES | KLA CORP | 11.0K | $16.2M | 0.8% |
| 22 | LRCXSHARES | LAM RESEARCH CORP | 75.0K | $16.0M | 0.8% |
| 23 | ASMLSHARES | ASML HLDG NV | 12.0K | $15.8M | 0.8% |
| 24 | AVGOSHARES | BROADCOM INC | 50.0K | $15.5M | 0.7% |
| 25 | SMHSHARES | VANECK ETF TRUST | 40.0K | $15.3M | 0.7% |
| 26 | SNSHARES | SHARKNINJA INC | 130.5K | $13.8M | 0.7% |
| 27 | HTZWWSHARES | HERTZ GLOBAL HLDGS INC | 4.0M | $9.1M | 0.4% |
| 28 | SPRYSHARES | ARS PHARMACEUTICALS INC | 1.0M | $8.0M | 0.4% |
| 29 | AURSHARES | AURORA INNOVATION INC | 1.0M | $4.3M | 0.2% |
| 30 | FLYXSHARES | FLYEXCLUSIVE INC | 1.0M | $2.3M | 0.1% |
| 31 | CTEVSHARES | CLARITEV CORPORATION | 44.0K | $719.0K | 0.0% |
| 32 | AUROWSHARES | AURORA INNOVATION INC | 1.8M | $365.2K | 0.0% |
| 33 | FLYX/WSSHARES | FLYEXCLUSIVE INCCUSIP 343928115 | 367.5K | $88.2K | 0.0% |
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