Third Point Boosts Yahoo! Stake

May 17 2012 | 1:01pm ET

With two scalps and three board seats a Yahoo! already in hand, Third Point is stuffing some more stock in its pockets.

Indeed, even before the New York-based activist hedge fund won the seats and the resignation of CEO Scott Thompson this week, it had padded its already substantial stake in the embattled Internet company. Third Point bought 14.5 million shares in the first quarter to bring its stake to 5.8% of the company, currently worth more than $1 billion.

Third Point chief Daniel Loeb—who has been agitating for a board shakeup at Yahoo! since last year—and two other Third Point representatives will take their seats on the company's board at its annual meeting. Loeb's hounding of Thompson over allegedly fudged academic credentials helped lead to his resignation on Sunday, four months after Loeb's attacks helped push Yahoo! founder Jerry Yang out.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...