In the third quarter, Daniel Loeb, an activist investor who is a well-known titan on Wall Street, slashed his positions in four of his Magnificent 7 stocks. He reduced his stake in Amazon by 27%, cut his holdings of Apple and Meta by more than half, and sliced 45% off his position in Microsoft.
Although they still make up a good percentage of his Third Point Capital’s hedge fund portfolio — over 21% of the total — he was redeploying his money into nine new positions. Interestingly, one of the larger new purchases he made was in a different Magnificent 7 stock, Tesla (NASDAQ:TSLA).
Let’s see if you should join Loeb in buying or adding to TSLA stock.
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