Daniel Loeb claims Sotheby's 'record' is misleading
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Activist investor Daniel Loeb took another swipe at Sotheby’s this week and claimed attacks on him are “false” and “misleading”.
Mr Loeb’s Third Point has built up a 9.6 per cent stake in Sotheby’s and is now its biggest investor. He has been agitating for change and wants to install three of his own people on its board – including himself. Last week Sotheby’s issued a defence and said Mr Loeb would be a "disruptive director" and is only interested in the short-term gains for himself.
But now Mr Loeb has retaliated and said Sotheby’s "management's claim that 2013 was a 'record' year is misleading” and the board is “asleep at the switch." He said earnings per share fell by 42 per cent between 2007 and 2013 and argued Sotheby’s criticism of his investment in Yahoo! was “disingenuous” and failed to “reference the benefits he brought to all Yahoo! shareholders.”
Both Sotheby's and Loeb are attempting to win shareholder support ahead of the annual meeting of the 270-year-old auction house on May 6.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments