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Billionaire Dan Loeb Dumps Entire Snap Position After Just One Quarter

Billionaire hedge fund manager Dan Loeb has exited his company's entire position in Snap Inc. (SNAP) , just one quarter after first buying the social media upstart's stock.

According to regulatory filings posted late Friday, Loeb's Third Point LLC off its stake of 2.25 million shares, worth $50.7 million. Third Point purchased the shares in the first quarter of 2017.

Snap went public to great fanfare in March, completing the largest U.S.-listed technology offering since Alibaba Group Holding Ltd. (BABA) in 2014 with a valuation of $33 billion. Since then, Snap's shares have lost more than half of their value. The stock fell below its $17 IPO price in July and the Snapchat parent company has failed to meet Wall Street's expectations for the past two...