August 1, 2018 / 3:34 PM / 7 months ago

Third Point exits Facebook after 'very disappointing quarter'

Aug 1 (Reuters) - Third Point LLC has sold its 4-million-share stake in Facebook Inc, 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 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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