By Claudia Assis
Activist investor Daniel Loeb’s Third Point LLC has bought new stakes in T-Mobile US Inc. and Colgate Palmolive Co. , and sold off holdings on EV maker Rivian Automotive Inc. and Amazon.com Inc., among other investment decisions, according to a filing late Monday.
Third Point earlier Monday disclosed a fresh stake on Walt Disney Co., saying it would seek changes in the media giant.
In a letter to Disney (NYS:DIS) , the fund, which manages about $14 billion in assets, suggested cost cuts, a continuation of the dividend halt in order to conserve cash, and a spinoff of Disney’s ESPN business, among other proposals. Third Point bought 1 million Disney shares in the quarter ended June 30, according to the filing.
Third Point also bought more nearly 1.99 million shares of Colgate Palmolive (NYS:CL) , and nearly half a million shares of T-Mobile (NAS:TMUS) .
The hedge fund got rid of its Amazon.com (NAS:AMZN) and Rivian (NAS:RIVN) holdings, as well as its Dell Technologies Inc. (NYS:DELL) , Intuit Inc. (NAS:INTU) and Microsoft Corp. (NAS:MSFT) positions.
Third Point also sold off all its stakes in Western Digital Corp. (NAS:WDC) and Zendesk Inc. , among others.