Deals
Another Snap Investor Has Disappeared
Daniel Loeb
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Investor Dan Loeb has sold his entire stake in the maker of Snapchat.
Third Point, Loeb’s hedge fund, sold about 2.25 million shares in Snap Inc. in the second quarter, according to a regulatory filing Friday. The social-media company’s stock is down 30 percent since its March IPO as user growth continues to disappoint.