Loeb's Third Point Boosts Alibaba Stake to More Than $1 BilllionBy
Chinese internet giant now second-largest holding in portfolio
Alibaba’s ADRs have more than doubled in value during 2017
Daniel Loeb’s Third Point increased its stake in Chinese Internet giant Alibaba Group Holding Ltd. by almost 50 percent in the third quarter.
Third Point bought 2.1 million American depositary receipts of Alibaba, amassing a position valued at more than $1.1 billion as of Sept 30, according to a regulatory filing on Thursday. As of the end of the quarter, the stock represented the New York-based hedge fund firm’s second-largest U.S. equity holding. Alibaba’s ADRs have more than doubled in value this year.