Loeb’s Third Point shows new stakes in Wynn Resorts, United Technology, increases to Facebook
Activist investor Dan Loeb’s Third Point LLC acquired stakes in embattled Wynn Resorts Ltd. and United Technologies Corp. during the second quarter, according to regulatory filings on Tuesday. Hedge fund Third Point showed that it bought 7.1 million shares of United Tech worth about $893 million and 1.54 million shares of Wynn for about $280 million, according to filing tracker Whalewisdom.com. Meanwhile, Loeb sold his entire roughly 1.9 million share position in health-care provider Aetna Inc. , and increased his stake in Facebook Inc. to 4 million shares, adding 600,000 shares in the first three months of the year, according to filings. Facebook represents about 4.8% of Loeb’s holdings, United Tech represents 6.7% of the fund’s overall holdings, while Wynn makes up about 2.1%. The activist’s purchase of Wynn came amid a report by the Wall Street Journal that alleged sexual conduct by the gaming company’s founder and namesake Steve Wynn, which eventually resulted in him stepping down. Meanwhile, Loeb upped his stake in Facebook during the Cambridge Analytica scandal centered on the social network’s mishandling of user information. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the Securities and Exchange Commission. The filings only show long investments and because they are delayed don’t indicate if the investor exited the position at some point during the reporting period.