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 | WBDSHARES | WARNER BROS DISCOVERY INC | 20.0M | $533.2M | 11.4% |
| 2 | AMZNSHARES | AMAZON COM INC | 1.8M | $417.1M | 8.9% |
| 3 | GOOGLSHARES | ALPHABET INC | 1.0M | $366.3M | 7.8% |
| 4 | CRHSHARES | CRH PLC | 2.2M | $234.9M | 5.0% |
| 5 | TDSSHARES | TELEPHONE & DATA SYS INC | 6.3M | $232.2M | 5.0% |
| 6 | TSMSHARES | TAIWAN SEMICONDUCTOR MANUFAC | 460.0K | $219.7M | 4.7% |
| 7 | LYVSHARES | LIVE NATION ENTERTAINMENT IN | 1.1M | $207.8M | 4.4% |
| 8 | KEYSSHARES | KEYSIGHT TECHNOLOGIES INC | 585.0K | $204.8M | 4.4% |
| 9 | SGISHARES | SOMNIGROUP INTERNATIONAL INC | 2.6M | $201.5M | 4.3% |
| 10 | XYZSHARES | BLOCK INC | 2.6M | $194.5M | 4.2% |
| 11 | NSCSHARES | NORFOLK SOUTHN CORP | 600.0K | $188.8M | 4.0% |
| 12 | FLEXSHARES | FLEX LTD | 1.0M | $166.9M | 3.6% |
| 13 | COFSHARES | CAPITAL ONE FINL CORP | 825.0K | $165.5M | 3.5% |
| 14 | HUTSHARES | HUT 8 CORP | 1.3M | $151.8M | 3.2% |
| 15 | CRSSHARES | CARPENTER TECHNOLOGY CORP | 215.0K | $132.6M | 2.8% |
| 16 | APGSHARES | API GROUP CORP | 2.9M | $121.3M | 2.6% |
| 17 | MTZSHARES | MASTEC INC | 290.0K | $120.7M | 2.6% |
| 18 | TDGSHARES | TRANSDIGM GROUP INC | 79.0K | $105.2M | 2.2% |
| 19 | DHRSHARES | DANAHER CORP DEL | 540.0K | $102.9M | 2.2% |
| 20 | UNPSHARES | UNION PAC CORP | 350.0K | $95.2M | 2.0% |
| 21 | TTMISHARES | TTM TECHNOLOGIES INC | 505.0K | $94.4M | 2.0% |
| 22 | PFGCSHARES | PERFORMANCE FOOD GROUP CO | 675.0K | $75.5M | 1.6% |
| 23 | 02079K404SHARES | ALPHABET INCCUSIP 02079K404 | 1.3M | $66.2M | 1.4% |
| 24 | ASMLSHARES | ASML HLDG NV | 30.0K | $59.6M | 1.3% |
| 25 | SYYSHARES | SYSCO CORP | 580.0K | $48.2M | 1.0% |
| 26 | ARESSHARES | ARES MANAGEMENT CORPORATION | 375.0K | $41.7M | 0.9% |
| 27 | 84615Q103SHARES | SPACE EXPLORATION TECHN CORPCUSIP 84615Q103 | 180.4K | $30.8M | 0.7% |
| 28 | SPYPUT OPTION | STATE STR SPDR S&P 500 ETF T | 40.0K | $28.8M | 0.6% |
| 29 | SRTASHARES | STRATA CRITICAL MEDICAL INC | 5.0M | $26.4M | 0.6% |
| 30 | 02079K602SHARES | ALPHABET INCCUSIP 02079K602 | 200.0K | $10.1M | 0.2% |
| 31 | SPRYSHARES | ARS PHARMACEUTICALS INC | 1.0M | $8.0M | 0.2% |
| 32 | AURSHARES | AURORA INNOVATION INC | 1.0M | $7.0M | 0.2% |
| 33 | 767292AB1SHARES | RIOT PLATFORMS INCCUSIP 767292AB1 | 3.5M | $7.0M | 0.2% |
| 34 | HTZWWSHARES | HERTZ GLOBAL HLDGS INC | 4.0M | $4.3M | 0.1% |
| 35 | FLYXSHARES | FLYEXCLUSIVE INC | 1.0M | $2.0M | 0.0% |
| 36 | BLCOSHARES | BAUSCH PLUS LOMB CORP | 85.0K | $1.4M | 0.0% |
| 37 | CORZSHARES | CORE SCIENTIFIC INC NEW | 54.0K | $1.4M | 0.0% |
| 38 | 296013105SHARES | EROCK INCCUSIP 296013105 | 83.0K | $1.2M | 0.0% |
| 39 | APLDSHARES | APPLIED DIGITAL CORP | 22.0K | $820.6K | 0.0% |
| 40 | 53680QAA6SHARES | LITHIUM ARGENTINA AGCUSIP 53680QAA6 | 625.0K | $611.8K | 0.0% |
| 41 | AUROWSHARES | AURORA INNOVATION INC | 1.8M | $587.4K | 0.0% |
| 42 | WOLFSHARES | WOLFSPEED INC | 10.0K | $482.5K | 0.0% |
| 43 | FLYX/WSSHARES | FLYEXCLUSIVE INCCUSIP 343928115 | 367.5K | $77.2K | 0.0% |
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