Activist investment firm ValueAct has taken a $1 billion stake in social media giant Meta Platforms, the parent company of Facebook, CNBC reported on Tuesday.
According to CNBC's David Faber, the investment is not considered an activist position. Instead, the fund sees significant potential for Meta's stock price to rise to $800 per share in the coming years.
Following the report's release, Meta Platforms' shares were trading up 0.44% to sell at $584.81 as of 11:21 am ET.
