Daniel S. Loeb
| Daniel Seth Loeb | |
|---|---|
| Born | December 18, 1961 |
| Residence | New York City, U.S. |
| Nationality |  American |
| Ethnicity | Jewish |
| Alma mater | Columbia University (B.A.) |
| Occupation | Hedge fund manager |
| Known for | Third Point LLC |
| Net worth |  US$ 1.5 billion (March 2013)[1] |
| Religion | Judaism[2] |
| Spouse(s) | Margaret Davidson Munzer |
| Parents | Ronald Loeb and Clare Spark |
Daniel Seth Loeb (born December 18, 1961) is the founder and chief executive of Third Point LLC, a New York-based hedge fund with $12.9 billion in assets.[3]
Contents |
Biography [edit]
Loeb was raised in a Jewish family in the Los Angeles area,[2][4] one of three children of Ronald and Clare Spark Loeb. His father was a partner at the Los Angeles law firm of Irell & Manella LLP and general counsel for Williams-Sonoma. His mother is a historian. Loeb’s great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc.[5]
According to Bloomberg Markets Magazine, Loeb grew up in Santa Monica Canyon in California, and attended Palisades Charter High School, commonly known as "Pali High" in the Pacific Palisades neighborhood of Los Angeles. Later, he attended University of California at Berkeley for two years before subsequently graduating from Columbia University with a degree in Economics.[6]
Prior to founding Third Point in 1995, Loeb worked at Citicorp and Warburg Pincus.[7][8]
He is also a founding Master Player of the Portfolios with Purpose virtual stock trading contest.[9]
Opinions [edit]
Loeb is well known in the financial world for writing public letters, in which he expresses disapproval of the performance and conduct of other financial executives.[10][11][12][13] Supporters contend his letter writing is effective shareholder activism; critics counter that his letters are distracting for executives and uncomfortable for investors.[14] Less than 10% of Third Point's total assets under management goes to shareholder activism.[15]
Loeb has argued that the United States government is undergoing a 'crisis of leadership'; in his opinion, the administration of President Barack Obama is committed to "redistribution rather than growth".[16]
In 2013, Loeb was a signatory to an amicus curiae brief submitted to the Supreme Court in support of same-sex marriage during the Hollingsworth v. Perry case.[17]
Yahoo! [edit]
Loeb through his company Third Point LLC, which holds 5.8% of Yahoo! stock, had been trying to gain seats on the board of directors of Yahoo! He has proposed the addition of himself as well as former NBC Universal CEO Jeff Zucker, former Goldman Sachs (GS) executive Harry Wilson, and former MTV Networks (VIA) executive Michael J. Wolf to the Yahoo! board.[18] On May 3, 2012, Daniel Loeb revealed that the new CEO of Yahoo!, Scott Thompson, did not possess a Computer Science degree as had been commonly assumed for many years.[19][20] As a result, Scott Thompson resigned on May 13, 2012.[21] Yahoo! also announced on May 13, 2012 that Loeb, Harry Wilson, and Michael Wolf will become members of the Yahoo! board.[22]
Personal life [edit]
In 2004, he married Margaret Davidson Munzer. Rabbi Heshy Blumstein officiated the service at Loeb's beach house in East Hampton, NY.[23]
References [edit]
- ^ Forbes Billionaires retrieved March 5, 2012
- ^ a b New York Magazine: "Get Richest Quickest In the precarious hedge-fund bubble, it’s either clean up—or flame out." by Steve Fishman May 21, 2005
- ^ Third Point Public Document, April 30, 2013
- ^ JTA: "Jewish, Republican, pro-gay rights" By Ron Kampeas May 14, 2011
- ^ Bloomberg: "Hedgefund Rabble Rouser" by Deepak Gopinath October 2005
- ^ Daniel Loeb: Southern California native a hedge fund manager who takes on corporate executives, Silicon Valley. By Brandon Bailey. 5 May 2012. Retrieved 14 May 2012.
- ^ Lilac_Invite_final
- ^ DanLoeb_Bloomberg
- ^ Ziegler, Maseena (1 December 2012). "When Quitting Is Not An Option - How You Can Find Purpose And Fulfillment Through Your Career". Forbes. Retrieved 27 December 2012.
- ^ NewYorkMetro.com
- ^ "The Angry Investor," The New Yorker, April 18, 2005
- ^ Biographical article from Bloomberg
- ^ "Activist Investor Charts Plan to Revitalize Yahoo," New York Times: Deal Book, March 8, 2012
- ^ Bloomberg Article on Dan Loeb
- ^ [1]
- ^ America faces 'crisis of leadership', leading Wall St investor warns
- ^ http://www.thedailybeast.com/articles/2013/02/28/the-pro-freedom-republicans-are-coming-131-sign-gay-marriage-brief.html
- ^ http://www.businessweek.com/articles/2012-05-08/why-dan-loeb-loves-yahoos-r-sum-gate
- ^ http://dealbook.nytimes.com/2012/05/04/hedge-fund-intensifies-attacks-on-yahoo-as-storm-grows-over-padded-resumes/
- ^ http://www.washingtonpost.com/business/technology/yahoo-ceo-accused-of-padding-resume-probe-launched/2012/05/04/gIQAHEUI1T_story.html
- ^ http://allthingsd.com/20120513/exclusive-yahoos-thompson-out-levinsohn-in-board-settlement-with-loeb-nears-completion
- ^ http://finance.yahoo.com/news/yahoo-ceo-investor-loeb-gets-board-seats-015221219--sector.html
- ^ New York Times: "WEDDINGS/CELEBRATIONS; Margaret Munzer, Daniel Loeb" July 04, 2004
External links [edit]
- 1961 births
- Living people
- American billionaires
- American financial analysts
- American financiers
- American hedge fund managers
- American investors
- American money managers
- American stock traders
- Businesspeople from Los Angeles, California
- Columbia University alumni
- Directors of Yahoo!
- Jewish American philanthropists
- Stock and commodity market managers
