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 /zigman2/quotes/203410047/composite DIS +0.21% , 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 /zigman2/quotes/200774077/composite CL +1.14% , and nearly half a million shares of T-Mobile /zigman2/quotes/204659678/composite TMUS +1.04% .
The hedge fund got rid of its Amazon.com /zigman2/quotes/210331248/composite AMZN -0.16% and Rivian /zigman2/quotes/230726939/composite RIVN -3.23% holdings, as well as its Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL +1.08% , Intuit Inc. /zigman2/quotes/203136605/composite INTU -1.00% and Microsoft Corp. /zigman2/quotes/207732364/composite MSFT +0.02% positions.
Third Point also sold off all its stakes in Western Digital Corp. /zigman2/quotes/204213617/composite WDC +2.09% and Zendesk Inc. , among others.