ValueAct takes $1-billion stake in Meta, source says


FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo

(Reuters) -ValueAct Capital has built a $1-billion stake in Meta Platforms but is not currently pushing for big changes at the Facebook and Instagram parent, a source familiar with the matter told Reuters on Tuesday.

The stake, which ValueAct has been building in recent weeks, now ranks among the firm's two largest alongside its bet on cloud-based software company Salesforce.

The investment firm and technology company have held discussions but it was not clear at what level and what suggestions were made.

Meta is worth $1.5 trillion and the company's stock price barely moved on the news, which was first reported by CNBC.

The new stake is not considered an activist position in which ValueAct would press management and the board to make dramatic changes, the source said.

Later this week, investment managers will release their 13F filings that show their positions in U.S. stocks at the end of the third quarter and the Meta stake will show up on ValueAct's filing. However, its size has grown dramatically over recent weeks.

ValueAct, based in San Francisco, previously invested in Microsoft, where it wanted the company to improve performance and was then handed a board seat in 2013. Compared with other activist investors, ValueAct prides itself on working with managements and boards outside the limelight and reaching solutions without threatening noisy boardroom challenges.

Meta did not immediately respond to a request for comment and ValueAct declined to comment.

(Reporting by Priyanka.G in Bengaluru and Svea Herbst-Bayliss in New York; Editing by Shounak Dasgupta and Rod Nickel)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

This robot learned to clean a sink by imitating humans
Think twice before sharing photos of your kids online, experts say
UK consumer group takes on Apple over iCloud service
FBI raids Polymarket CEO's home, seizing phone, electronics
Major Apple supplier Foxconn expected to report strong Q3 results on AI boom
Visa says EU regulator probing fees charged to retailers
Bankman-Fried lieutenant builds fraud detection tool for prosecutors
US labor board bans mandatory anti-union meetings in ruling against Amazon
Cisco beats earnings expectations as AI spurs networking gear demand
Musk's X taps former Tubi executive Banki as CFO

Others Also Read