Third Point ups Alibaba stake

Third Point, one of the industry's most closely watched hedge funds, increased its stake in Chinese e-commerce giant Alibaba during the fourth quarter of 2014, according to a regulatory filing late on Friday.

Third Point, run by Daniel Loeb, increased its stake in Alibaba by 38.9 percent to 10 million shares.

In another regulatory filing on Friday, David Tepper's Appaloosa Management hedge fund revealed that it had dissolved its share stake in Alibaba during the fourth quarter.