Third Point had originally purchased 2.25 million shares of Snapchat’s parent company during the first quarter of 2017, filings show.
Despite Snap’s steep losses, leaving the company’s shares down 30% since its IPO in March, Third Point managed to earn a 4.6% return on its Offshore Fund, bringing its total returns for the year to 10.7%, Reuters reported.
In addition to Snap, Third Point also sold its shares of Salesforce and Qualcomm. Salesforce stock is up roughly 29% since the beginning of the year, while Qualcomm is relatively flat for the same period.
Snap stock closed at $11.75 Friday in New York, after taking a major hit on Thursday after a disappointing earnings statement in which the company announced an adjusted loss of $0.16 a share.