Hedge Fund Titan Dan Loeb Reports Alibaba Stake, Dumps AIG

Hedge fund titan Dan Loeb's Third Point LLC picked up 7.2 million shares of Chinese e-commerce giant Alibaba in the third quarter, a stake worth $639.7 million as of Sept. 30, according to a regulatory filing on Friday. Funds are required to disclose long positions in 13F filings with the Securities and Exchange Commission 45 days after the end of each quarter. Alibaba marked Loeb's largest new stake, equal to 7.3% of his portfolio, according to Whalewisdom.com. Dow Chemical remained Loeb's largest position at 22 milion shares, with a Sept. 30 market value of $1.154 billion. Loeb also acquired 4.5 million shares of Ebay , worth $254.8 million, while unloading his entire 6 million share stake in American International Group , as well as entire stakes in Hertz and T-mobile .