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Daniel Loeb's Third Point slashes stake in Uber

Reuters
·1-min read
FILE PHOTO: An Uber office is shown in California

(Reuters) -Daniel Loeb's hedge fund, Third Point, reduced its stake in ride-share platform Uber by about 76% to 1 million shares, a filing with the U.S. SEC showed on Wednesday.

This disclosure comes hours after Uber announced its first share buyback plan worth $7 billion, causing the ride-share platform's shares to hit a record high.

As of Wednesday's close, Uber's shares had more than doubled in the past 12 months. Last week, the company recorded its first annual profit.

Third Point in August disclosed a stake of nearly 2.8 million shares in Uber.

Separately, Soros Fund Management said on Wednesday it had dissolved its stake in Uber's smaller rival Lyft.

(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)