On January 31, 2020, Third Point announced that it has reiterated calls for Sony Corporation to spin off its chip segment and sell holdings in other units deemed a drag on corporate value, setting up a potential showdown at the next shareholders meeting. Third Point stated that while business performance has been stellar, it believes true value maximization at the Company is only beginning. Third Point stated that the Company’s valuation discount is attributable primarily to portfolio complexity created by fielding a number of dissimilar segments and not only did the fund advocate spinning off the semiconductor unit, it recommended divesting shares in the listed subsidiary Sony Financial Holdings.