Snapchat Just Got Hitched With These Hedge Fund Giants

Despite losing some faith after Snap’s disappointing first ever earnings report as a publicly traded company, Snap’s shareholders got a big boost of confidence Monday after major investing heavyweights revealed that they too, were in the same boat.

In recent days, major investing firms have revealed their first quarter holdings in various companies, as regulated by the Securities and Exchange Commission.

Quite a few revealed that they had taken an interest in the biggest tech IPO since Alibaba.That list includes Dan Loeb’s Third Point, George Soros’ Soros Fund Management, Ken Griffith’s Citadel Advisors, Jana Partners, Millennium Management, David Tepper’s Appaloosa Management, and Steve Cohen’s Point72, based on filings published by the Securities and Exchange Commission Friday and Monday.

Third Point revealed a stake worth $50.7 million, with 2.3 million shares, while Jana revealed a stake of 550,000 shares worth $12.9 million. D.E. Shaw unveiled a stake worth $41 million, Millennium Management disclosed a stake worth $11.4 million, and Och-Ziff revealed a stake worth $23.8 million. Meanwhile, Soros revealed a stake worth $37.1 million, while Point72 said that it owned just a handful of shares worth $1.5 million, largely though its Asia offices. Tepper’s Appaloosa also revealed a stake of 100,000 shares worth $2.2 million. Similarly, Griffith’s Citadel Advisors posted some 66,000 shares worth $1.4 million, according to the filing.

Citadel though, alongside Paulson and Company, also hold millions in the form of derivatives, according to those filings.

For the activist investor funds that own Snap, such as Jana and Third Point, holding the company must feel somewhat like an itch that can’t be scratched. Upon its IPO, Snap’s founders nixed the possibility of a takeover from outside parties by offering only non-voting shares to the public. Moreover, stockholders won’t be able to submit shareholder proposals, nominate or replace a board member (a move used by Jana just a few months ago on Tiffany), or pressure the board into firing the CEO (which Third Point did with Sotheby’s) — tools of the trade for activist investors.

In short, some of Snap’s owners have made headlines in the past for corporate raids, but they are unlikely to ever do the same in the case of Snap’s stock. So at least for the time being it seems, such investors used to having the choice in taking the wheel, are willing take the back seat to 26-year-old CEO Evan Speigel.