Third Point's Dan Loeb ditches entire Apple stock holding for over £322 million
Dan Loeb, dubbed the most successful hedge fund manager in the world, sold his entire Apple stock holding, amounting to £322.7 million ($375m).
Loeb, who runs Third Point Capital, sold his 710,000 shares in Apple at the end of December, making him the latest financier to ditch Apple.
This filing has led some analysts to suggest that the recent fall in Apple’s share price has been driven primarily by hedge fund selling.
The end 2012 saw Apple stock dive 24 per cent from its all-time high share-price of $705.07 on September 21 last year. Apple shares have continued to fall a further 12 per cent this year.
In a letter to investors at the end of 2012, Loeb said Apple was in his top five losing positions during the fourth quarter.