Loeb Says He Sold Facebook, Laments ‘Very Disappointing Quarter’

(Bloomberg) -- Facebook Inc. just lost the support of one of the most famous hedge fund managers.

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.

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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