Elon Musk Trolls Billionaire Betting Against Tesla: ‘Will Send Einhorn a Box of Short Shorts’ (CNBC)
David Einhorn‘s hedge fund Greenlight Capital said the firm’s bet against Tesla shares “was our second biggest loser” in the most recent quarter. The billionaire also said in the Greenlight letter he was “happy that his Model S lease ended” and was replacing the car because of problems with the technology. Tesla CEO Elon Musk seized the opportunity on Twitter, retorting that he would send Einhorn “a box of short shorts to comfort him through this difficult time.”
Loeb Says He Sold Facebook, Laments ‘Very Disappointing Quarter’ (Bloomberg)
Facebook Inc. just lost the support of one of the most famous hedge fund managers. Dan Loeb, who runs Third Point LLC, said the firm has sold its Facebook stake, which amounted to 4 million shares at the end of March, according to data compiled by Bloomberg. Last week, the social-media giant plunged following a disastrous quarterly report that showed growth was hurt by recent criticisms and scandals. Facebook’s stock sank 19 percent on July 26.
Jana Partners Hedge Fund Gains 2.4 pct in July, Up 6.9 pct for Year (Reuters)
BOSTON, Aug 1 (Reuters) – Jana Partners, the event-driven investment firm run by Barry Rosenstein, told clients that its main fund made money in July and is now beating the Standard & Poor’s 500 index. The Jana Partners fund gained 2.4 percent last month to leave it with a 6.9 percent gain for the year, according to a performance update seen by Reuters. The firm’s more aggressive Jana Nirvana fund rose 3.2 percent, leaving it up 9.7 percent for the year. The Standard & Poor’s 500 index rose 6.5 percent during the first seven months of 2018.
Hedge Fund Manager Elliott Cuts NXP Exposure After Qualcomm Deal Fails (Reuters)
LONDON (Reuters) – Hedge fund manager Elliott Management cut its stake in NXP Semiconductors (NXPI.O) after Qualcomm (QCOM.O), the world’s biggest maker of chips for mobile phones, called off a $44 billion deal to buy NXP last week, a recent filing with the U.S. regulator showed. Activist Elliott first announced a stake in NXP a year ago, launching a campaign to push for a higher price tag in the Qualcomm deal, which drove the bid up from $38 billion.