Upstart: Loeb Sells 2M Shares/Board Resignation

My guess is some of the recent share price movement in Upstart can be attributed to two SEC filings.

  1. On Monday November 15th Dan Loeb, Third Point Capital, stated in an SEC filing he had sold over 2 million UPST shares leaving Third Point with 10.25 million shares.

Link to filing:…

  1. Today, minutes after the market closed, Upstart filed a change to its board of directors stating that Robert Schwartz resigned from the Upstart board effective November 15th. He is a managing partner at Third Point.

Mr. Schwartz has served as a member of our board of directors since June 2015. Since June 2000, Mr. Schwartz has been Managing Partner of Third Point Ventures, the Menlo Park, California based venture capital arm of Third Point LLC, which is a registered investment adviser based in New York and the investment manager of the Third Point Funds. He previously served on the board of Apigee (APIC) and the board of Enphase Energy until 2016. Previously, for 23 years, Mr. Schwartz was the President of RF Associates North, a privately held communications semiconductor manufacturer’s representative firm. Mr. Schwartz holds a multi-discipline engineering degree from the University of California, Berkeley.

Link to filing.

At least I have a sense why all the recent selling.

Frank - long UPST, see profile for all holdings


From the filing

On November 15, 2021, Robert Schwartz, a member of the Board of Directors (the “Board”) of Upstart Holdings, Inc. (“Upstart”) tendered his resignation from the Board, the Compensation Committee of the Board, and the Nominating and Corporate Governance Committee of the Board, effective November 15, 2021. Mr. Schwartz’s resignation was not the result of any disagreement with the company, the Board or any matters relating to Upstart’s operations, policies or procedures.


Another smaller 750K share sale from Third Point on 11/19 leaving them with 9.5M share stake or ~$1.8bil worth. This sets them under 10% ownership of the company for first time since they’ve become public.

Wonder if they hold off around here now. Its definitely putting pressure on shares as both days they sold (11/15 and 11/19) were large legs down in the stock.


Obviously, they still have a tremendous stake and they have been drawing down pretty regularly. Their stake is about 1/3rd as large as it was in September when the price was in the $270s. According to this article, their original investment was $90 million so every sale is pure profit.…