August 1, 2018 / 3:40 PM / 10 months ago

Third Point exits Facebook after 'very disappointing quarter'

FILE PHOTO: People are silhouetted as they pose with mobile devices in front of a screen projected with a Facebook logo, in this picture illustration taken in Zenica, October 29, 2014. REUTERS/Dado Ruvic/File Photo

(Reuters) - Third Point LLC has sold its 4-million-share stake in Facebook Inc (FB.O), the hedge fund’s billionaire founder said on Wednesday, following disappointing results from the social networking giant.

“Yes, that was a very disappointing quarter and we exited the name,” Third Point’s Daniel Loeb said, referring to Facebook, on a conference call that followed Third Point Reinsurance’s (TPRE.N) results.

Facebook shares fell some 19 percent on Thursday, wiping off $119 billion of the company’s market value, after it warned that profit margins would take a hit from rising user privacy costs and slowing revenue growth.

Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar

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