Daniel Loeb is a financier and hedge fund manager; he is best known for having founded Third Point Management Group, which has roughly 12 billion dollars in assets under its umbrella. Additionally, he is a philanthropist and activist who strongly supports LGBT causes.
Following college, Daniel Loeb worked at a private equity firm between 1984 and 1987. Next, he moved to a job at Island Records where he helped secure debt financing arrangements and then on to several other positions in different financial services companies. By 1994, he was serving as a vice president of Citigroup where he focused on high-yield bond sales. He left Citigroup in 1995 to found Third Point, using a little over three million dollars in capital from friends, family and other investors.
Background and Family
Daniel Loeb was born in 1961 and was raised in Santa Monica, California. He comes from a highly successful family; his father was partner in a law firm and his mother was an historian. Notably, Loeb’s great-aunt was the inventor of the Barbie Doll and one of the founders of Mattel toy company. Loeb remarked later in life that he had positive associations with business very early because his toys were from the family company Mattel.
In high school, he was an excellent student and took advanced placement courses to earn college credit; teachers and fellow students noted his interest in the stock market as a teenager. Next, he attended college for two years at The University of California at Berkeley until transferring to Columbia where he earned his Bachelor’s degree. In his senior year of college, he made 120,000 dollars in the stock market and then lost it because of putting too much of his capital in one holding.
He was married in 2004 and has three children. Outside of work, he enjoys surfing and travels to both the Caribbean and Indonesia to pursue this hobby. To stay focused and alert, he practices transcendental meditation.
Daniel Loeb has been guiding Third Point management group since 1993 through a series of highly successful investments. The hedge fund has done extremely well through holdings including Sony, Sotheby’s and Yahoo. Loeb is known for taking over companies that are not performing well and then turning them around through restructuring.
Activism, Philanthropy and Politics
Known for his advocacy for people in the LGBT community as well as for his political leanings toward the Democratic party, Daniel Loeb has given extensively both of his time and money to a number of causes and organizations. In particular, he contributed to President Obama’s successful campaigns for the White House and was also involved in the effort towards legalizing same-sex marriage.
In a creative charitable venture, he helped launch Portfolios With Purpose, a virtual stock market game that is played to raise money for charitable causes. He has also given heavily to Freedom For All Americans, which promotes equal rights for people in the LGBT community.