Third Point Takes a Big Stake in Controversial Utility PG&E

The activist hedge fund reported PG&E debt as its fifth-largest long position.

David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

Dan Loeb’s hedge fund firm Third Point has taken a sizable credit stake in PG&E, the bankrupt and controversial California power giant.

In its April monthly tear sheet reporting its performance, Third Point said PG&E debt is currently its fifth largest long position.

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