Skip to content
Subscriber Only

Third Point Exits $1 Billion Alibaba Stake, Adds McKesson

Updated on

Billionaire Dan Loeb’s Third Point hedge fund exited a stake in Alibaba Group Holding Ltd. in the first quarter that was valued at $1 billion at the end of 2014.

Third Point, which oversees about $17.4 billion, sold 10 million shares of China’s biggest e-commerce company, according to a regulatory filing Friday. Alibaba shares fell 20 percent in the first quarter after the company reported revenue that missed estimates in January. The stock jumped earlier this month after Alibaba named a new chief executive officer and posted a 45 percent increase in revenue.