(Bloomberg) -- Facebook Inc. just lost the support of one of the most famous hedge fund managers.
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Dan Loeb, who runs Third Point LLC, said the firm has sold its Facebook stake, which amounted to 4 million shares at the end of March, according to data compiled by Bloomberg.
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Last week, the social-media giant plunged following a disastrous quarterly report that showed growth was hurt by recent criticisms and scandals. Facebook’s stock sank 19 percent on July 26.
“That was a very disappointing quarter and we exited the name,” Loeb said Wednesday when asked about Facebook on a conference call held by Third Point Reinsurance Ltd., for which Third Point manages investments.
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