Hedge fund Third Point sells ADRs in Sony -SEC filings

U.S. hedge fund Third Point LLC, which had been pressing Sony Corp to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts (ADRs) in the Japanese electronics company, regulatory filings showed. But the fund, headed by one of the world’s highest-profile activist investors, Daniel Loeb, still owns a large portion of the company’s Japanese shares, a person familiar with the fund told Reuters.

The filings showed Third Point owned 1.5 million ADRs at the end of December 2019 and 675,000 at the end of March. At the end of June, Third Point’s filing no longer listed Sony as a holding.

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