BlackBerry has Dan Loeb’s Third Point to thank for the increase in its share prices.
Reuters reported that BlackBerry shares rose 6.8% to $9.59 Tuesday morning after New York-based Third Point disclosed its stake in the smartphone company. Third Point stated Friday that it currently owns a 1.9% stake in BlackBerry, making it the fifth largest shareholder in the Ontario-based company.
Known for pushing changes at the companies it has stakes in, Third Point made headlines last year when Loeb pushed for Sony to spin off its entertainment business. It was not disclosed whether the hedge fund will seek changes at BlackBerry.
It was reported in October by eVestment that Third Point, which managed approximately $14 billion in capital, planned to return as much as $1.4 billion to investors in an effort to keep its assets under control. Loeb started Third Point in 1995 with $3.3 million in assets.