Activist hedge fund ValueAct Holdings has significantly increased its stake in Meta Platforms, acquiring 211,500 additional shares, worth $121.07m, during the third quarter of 2024, according to the firm’s latest 13F filing.

This move means Meta now accounts for 3.08% of ValueAct’s portfolio, which totalled $3.9bn at the end of September.

ValueAct, led by CEO Mason Morfit, now holds a $1bn position in the tech firm.

While ValueAct's specific intentions for Meta remain undisclosed, the firm is known for for its activist investment approach, and taking significant stakes in companies to influence policy and enhance value. Morfit, though, has reportedly expressed support for CEO Mark Zuckerberg’s strategic focus on artificial intelligence, according to CNBC.

Meta, the parent company of Facebook, Instagram, and WhatsApp, has a market capitalisation of nearly $1.5tn, making it one of the largest companies to attract activist investor interest.