Keith Meister’s Corvex Management added an outsized bet on the broader market last quarter while shaking up his exposure to various technology stocks, according to a new regulatory filing. The New York-based hedge fund, founded by Meister in 2011, bought call options on the SPDR S & P 500 ETF Trust (SPY) in the fourth quarter with unknown value, strike price or expiry. The position, worth $586 million at the end of 2024, was Corvex’s largest at the time. Investors profit from calls when the underlying security rises in price. Meanwhile, the hedge fund purchased puts against software name Palantir with a position worth about $76 million at the end of December. It is unclear if Corvex already unwound the position, which would go up in value if the underlying stock falls. Palantir got a big boost earlier this month after the software company reported fourth-quarter earnings and revenue that surpassed Wall Street’s estimates. The results follow a massive rally in Palantir’s stock, which soared 340% in 2024. The company joined both the S & P 500 and Nasdaq-100 in 2024. Also in the fourth quarter, Corvex bought more than $60 million worth of iShares Bitcoin Trust ETF . Meister also took a near $30 million bet in chipmaker Taiwan Semiconductor . Prior to launching Corvex, Meister worked closely with legendary activist investor Carl Icahn. He was once CEO of Icahn Enterprises .
