US Hedge Fund Sells Sony ADRs

US Hedge Fund Sells Sony ADRs

In the interesting scheme of events, regulatory filings showed that Third Point LLC, the US hedge fund disposed of Sony Corp’s ADRs (American Depositary Receipts) in the Japanese company.

Notably, Third Point had been pressurising Sony to drive changes in its chip units, including their spinoffs. However, the head of the fund, Daniel Loeb, still owns a significant amount of Sony’s shares as per a source.

Interestingly, a year back, speculations were rife that Third Point was raising funds between $ 500- $ 1 billion to buy shares in Sony.

At the end of December last year, the LLC owned about $100 million worth of Sony ADRs (1.5 million). The filings in the US SEC had mentions of the transactions. By the end of March 2020, it contracted to 675,000, but by its last filings in June, the name of Sony wasn’t there.

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