Daniel Loeb's Third Point hikes stake in Alibaba to more than $1b

Daniel Loeb, CEO, Third Point LLC, participates in the "Financial Firms: Past, Present and Future" panel at the 2010 Milken Institute Global Conference in Beverly Hills, California April 27, 2010. REUTERS/Phil McCarten

Daniel Loeb’s Third Point increased its stake in Chinese Internet giant Alibaba Group Holding Ltd. by almost 50 percent in the third quarter.

Third Point bought 2.1 million American depositary receipts of Alibaba, amassing a position valued at more than $1.1 billion as of Sept 30, according to a regulatory filing on Thursday. As of the end of the quarter, the stock represented the New York-based hedge fund firm’s second-largest U.S. equity holding. Alibaba’s ADRs have more than doubled in value this year.

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