Dan Loeb’s Third Point LLC, which two years ago agitated for Yahoo! Inc.’s board to resign, made $655 million today when the Internet company bought back 40 million of his shares.
Yahoo, which is based in Sunnyvale, California, is paying Loeb $29.11 a share, leaving his hedge fund with a 129 percent return on its initial stake. That doesn’t include gains on the 20 million shares Third Point still owns or on shares he previously sold. Loeb and two other directors he brought to the board, Harry Wilson and Michael Wolf, will leave.