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Third Point Sells CoStar Stake Amid Board Change Push

4/11/2026

39 7 Full Breakdown

Summary

Loeb Exits CoStar

Daniel Loeb, founder of Third Point LLC, has sold the hedge fund's entire CoStar stake.
Third Point will not pursue a proxy fight.
The investment thesis no longer holds after CoStar's stock fell from $66 to $36.48.
The firm had pushed for board changes and a sharper focus on CoStar's core business.
D.E. Shaw and other investors sought changes, with the 2025 settlements allowing new directors to join CoStar's board.

Summary

CoStar Group's Ambitious Goals

CoStar Group aims to reach $3.8 billion in revenue by 2026, supported by a new board and capital allocation strategies.
Activist concerns have driven a focus on operational discipline and governance improvements.
The Homes.com investment remains a risk, with a projected break-even by 2029.
D.E. Shaw has urged a majority board overhaul and criticized Homes.com for hurting margins.

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Loeb Exits CoStar

Daniel Loeb, founder of Third Point LLC, has sold the hedge fund's entire CoStar stake.
Third Point will not pursue a proxy fight.
The investment thesis no longer holds after CoStar's stock fell from $66 to $36.48.
The firm had pushed for board changes and a sharper focus on CoStar's core business.
D.E. Shaw and other investors sought changes, with the 2025 settlements allowing new directors to join CoStar's board.

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