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Dan Loeb’s Third Point is bulking up its stake in a few other technology companies besides Yahoo, according to an SEC filing. The firm, which edged Yahoo chief executive Scott Thompson out of office earlier this week, are now gobbling up shares of Apple, Cisco, and Google.
According to the filing, Third Point now has 360,000 shares of Apple stock, amounting to $217 million, 5 million shares of Cisco, and 280,000 shares of Google. The company also snapped up a couple more Yahoo shares, totaling its stake to 70.5 million (or a little more than $1 billion).
Third Point’s Loeb has been the driving force behind Yahoo’s recent CEO debacle in which Thompson was found padding his resume. The story unfolded after Yahoo publicly told Loeb that he was too inexperienced to sit on the board as a director. Loeb had suggested himself and three others be tapped for the positions and did not accept a compromise Yahoo executives extended because it didn’t include bringing him on.
After a couple weeks of investigation, Thompson stepped down from his CEO role and soon thereafter revealed he has cancer. Yahoo director Patti Hart also stepped down, as she was the one who vetted Thompson and failed to look into a falsified computer science degree, which later made its way to Thompson’s Yahoo bio.
With Loeb on a spending spree, companies may be concerned with the pressures that he and his firm are seemingly happy to apply.
via Bloomberg; Stock ticker image via Shutterstock