NEW YORK/BOSTON May 12 Some of the biggest U.S.
mutual and hedge funds, including Daniel Loeb's Third Point and
Daniel Och's Och-Ziff Capital Management, owned stakes
in Snap Inc, parent of the wildly popular Snapchat
messaging app, at the end of March, regulatory filings on Friday
The filings provide the first definitive snapshot on who
bought Snap shares when it went public in early March, in the
biggest initial public offering for a U.S. tech company since
Facebook Inc's 2012 debut.
While the shares quickly rose after the IPO, they plunged
this week after Snap reported a $2.2 billion first-quarter loss.
User growth and revenue fell short of some Wall Street estimates
as it competed with similar apps.
On Wednesday the shares tumbled 23 percent in after-hours
trading, wiping some $6 billion from Snap's market value.
The quarterly disclosures of asset manager stock holdings,
in what are known as 13F filings with the U.S. Securities and
Exchange Commission, offer clues on what big investors are
selling and buying, but give no indication of their current
Fidelity was the biggest owner of Snap with 33.4 million
shares as of March 31, the filings show. Mutual fund powerhouse
Vanguard owned 6.7 million. Loeb's Third Point owned 2.25
million shares and OZ Management held roughly 1 million shares.
BlackRock Inc, the world's largest asset manager
with $5.4 trillion in assets, bought 9.4 million Snap shares
during the first quarter, the asset manager's filing showed.
BlackRock, which has been vocal on several corporate
governance issues including owners' right to weigh in on a
company's policies, has not publicly commented on Snap shares'
lack of voting rights.
A spokesman said the company does not comment on individual
The filings do not show which BlackRock funds held the Snap
shares. None of the company's mutual funds or exchange-traded
funds have disclosed a position in the company yet.
David Tepper's Appaloosa Management owned 100,000 Snap
shares at the end of March.
A few days after Snap went public, Tepper, whose views on
the market are closely watched, said he had trimmed his position
as the stock price ran up and conceded that he might buy more at
(Reporting by Jennifer Ablan, Svea Herbst-Bayliss and Trevor
Hunnicutt; Editing by Richard Chang)