MW Tesla is new pick for Daniel Loeb's Third Point, as hedge fund ditches Uber

By Claudia Assis

In October, Tesla unveiled a robotaxi that could potentially challenge Uber

Daniel Loeb's Third Point hedge fund placed a fresh bet on Tesla Inc. and sold off its stake in Uber Technologies Inc. in the quarter ended Sept. 30, a securities filing late Thursday showed.

Tesla $(TSLA)$ debuted its prototype Cybercab, a robotaxi without steering wheels or pedals, last month, and surprised investors by unveiling a prototype autonomous van as well. Tesla's entry into a possible AI-fueled ride-hailing business is seen as a potential threat to Uber $(UBER)$.

Loeb's Third Point ended the quarter with a new stake of about 400,000 Tesla shares, then worth about $105 million. The same number of shares would be worth around $124 million as of Thursday.

See also: Tesla is likely to thrive in a Trump administration. These are the ways these analysts see it happening.

Tesla shares have been on a tear ever since Donald Trump emerged as the victor of the Nov. 5 presidential election. The EV maker is expected to benefit from the new administration given Chief Executive Elon Musk's role as a prominent Trump insider.

Securities regulators require all institutional investment managers holding more than $100 million in certain securities to disclose their positions in 13-F filings, offering a window into a firm's stock and ETF holdings at the end of the quarter and into its possible strategies.

Besides selling off its Uber position of more than 150,000 shares, Third Point also ditched Advanced Auto Parts Inc. $(AAP)$, which earlier Thursday announced it was closing hundreds of stores, and Google parent Alphabet Inc. $(GOOG)$.

-Claudia Assis

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November 14, 2024 17:55 ET (22:55 GMT)

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