Activist investor ValueAct has been aggressively building up its stake in Facebook and Instagram parent Meta, according to a recent report by CNBC. The investment company now holds an estimated $1 billion stake in the tech giant.
The stake in Meta is now among the two biggest holdings in ValueAct’s portfolio, alongside a stake in cloud-based software firm Salesforce.
It is believed that ValueAct isn’t seeking major changes in Meta at the moment. The two companies had discussions recently, but they were described as cordial. Sources who spoke with CNBC also indicate that ValueAct CEO Mason Morfit is particularly fond of Meta’s push into the artificial intelligence sector.
Unlike most other activist investors, ValueAct is considered to work on a collaborative approach. It tends to keep its discussions and demands private and tends to work with management on finding the best solutions for particular issues.
ValueAct is no stranger to investments in the technology sector and high-profile companies. It previously took stakes in Microsoft, Disney, and Spotify.
Meta’s stock hasn’t seen a significant movement since the report of ValueAct’s stake and closed at $584.82 per share. It remains 68.88% up year-to-date.