Another Snap Investor Has Disappeared

(Bloomberg) -- Investor Dan Loeb has sold his entire stake in the maker of Snapchat.

Third Point, Loeb’s hedge fund, sold about 2.25 million shares in Snap Inc. in the second quarter, according to a regulatory filing Friday. The social-media company’s stock is down 30 percent since its March IPO as user growth continues to disappoint.

To contact the reporter on this story: Elizabeth Fournier in New York at efournier5@bloomberg.net.

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Michael Hytha