Billionaire Dan Loeb’s Top Stock Picks

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8. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 235

Third Point’s Stake: $311.9 million

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. There are several compelling factors that make this company a strong investment. The first is growing user engagement across the platform, as depicted in the report for the third quarter of 2024. For instance, daily active people (DAP) was 3.29 billion on average for September 2024, an increase of 5% year-over-year. This indicates strong retention and user activity, showcasing the platform’s expanding reach. Moreover, Ad impressions increased by 7% year-over-year. This demonstrates the platform’s ability to attract more advertisers and deliver more targeted ads. Secondly, the development of Metaverse, an immersive digital environment, through its Reality Labs Division is another great initiative. The launch of the Meta Quest virtual reality headset and investment to build the virtual space will solidify its position in this ever-evolving digital world.

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