High-profile Snap stakeholders revealed in filings
NEW YORK: Some of the biggest US mutual and hedge funds, including Daniel Loeb’s Third Point and Daniel Och’s Och-Ziff Capital Management, owned stakes in Snap Inc, parent of the wildly popular Snapchat messaging app, at the end of March, regulatory filings on Friday showed.
The filings provide the first definitive snapshot on who bought Snap shares when it went public in early March, in the biggest initial public offering for a US tech company since Facebook Inc’s 2012 debut.
While the shares quickly rose after the IPO, they plunged this week after Snap reported a $2.2 billion first-quarter loss. User growth and revenue fell short of some Wall Street estimates as it competed with similar apps.
On Wednesday the shares tumbled 23 per cent in after-hours trading, wiping some $6 billion from Snap’s market value.
The quarterly disclosures of asset manager stock holdings, in what are known as 13F filings with the US Securities and Exchange Commission, offer clues on what big investors are selling and buying, but give no indication of their current stakes.
Fidelity was the biggest owner of Snap with 33.4 million shares as of March 31, the filings show. Mutual fund powerhouse Vanguard owned 6.7 million. Loeb’s Third Point owned 2.25 million shares and OZ Management held roughly 1 million shares.
BlackRock Inc, the world’s largest asset manager with $5.4 trillion in assets, bought 9.4 million Snap shares during the first quarter, the asset manager’s filing showed.
BlackRock, which has been vocal on corporate governance issues including owners’ right to weigh in on a company’s policies, has not publicly commented on Snap shares’ lack of voting rights. — Reuters