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Activist hedge fund manager Dan Loeb, who has more than doubled the S&P 500's return over the last two decades, is finding himself in hot water outside the investing world.
The hedge fund manager reportedly criticized a black New York state senator, Andrea Stewart-Cousins, on social media by referring to the Ku Klux Klan.
"Thank God for [New York state Sen.] Jeff Klein and those who stand for educational choice and support Charter funding that leads to economic mobility and opportunity for poor knack kids," Loeb wrote on Facebook in an apparent typo for black. "Meanwhile hypocrites like Stewart-Cousins who pay fealty to powerful union thugs and bosses do more damage to people of color than anyone who has ever donned a hood."
After The New York Times reported on the comments, Loeb deleted the post Thursday night and sent a statement to the newspaper.
"I regret the language I used in expressing my passion for educational choice," Loeb said. "I apologize to Senator Stewart-Cousins and anyone I offended. I have taken down the post from Facebook."
The investor is one of the few big-name hedge managers outperforming the market this year. He explained last week it was partly due to luck.
Loeb's firm Third Point had $18 billion of assets under management as of late June.
Loeb declined to comment to CNBC.