Third Point Sells CoStar Stake and Ends Proxy Campaign
Daniel Loeb's Third Point has sold its entire position in CoStar Group and will no longer pursue a board challenge at the real estate data company. The hedge fund cited a lack of confidence in its original investment thesis as the firm's market value dropped significantly.
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Billionaire Daniel Loeb's hedge fund Third Point has exited its position in COSTAR GROUP INC and abandoned a planned proxy fight. The fund sold its entire stake after CoStar’s market value fell $12.7B since January. Loeb told investors the original thesis for pressuring the real estate data provider no longer holds true.
