Hedge Fund and Insider Trading News: David Einhorn, Tiger Global Management, Citadel LLC, Platinum Partners, Brevan Howard Asset Management, Pinterest Inc (PINS), Gobi Acquisition Corp (GOBI), and More

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After Making Money In A Bear Market, David Einhorn Is Shorting Elon Musk With A Long Twitter Bet (Forbes)
David Einhorn‘s Greenlight Capital generated a return of 8.4% for the second quarter, bringing its year-to-date return to 13.2% at a time when most other hedge funds are languishing with negative returns. In his second-quarter letter to investors, Einhorn emphasized that they achieved their positive result despite being net long in a bear market. Greenlight makes money in a bear market: He added that their long positions plunged, especially in late June, but their shorts plummeted even more, resulting in a sizable positive return. The fund didn’t add any new material longs during the second quarter because it’s a bear market, and they are building some dry powder for future opportunities.

Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever (Blockworks)
Brevan Howard Asset Management has pulled off the largest crypto hedge fund launch yet. The firm’s flagship digital assets-focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter — with the vast majority of the lofty haul timed with the fund’s launch earlier this year.

Hedge Fund Manager Wants To Know How He Can Be Guilty Of Violating Rules That Were Impossible To Understand (Deal Breaker)
When it comes to the rules governing any kind of corporate vote, complication and opacity are usually in the company in question’s interest. And, on that front, one has to hand it to the folks at BakerHostetler, who ingeniously crafted a set so convoluted that even they couldn’t figure them out. [Daniel] Small’s attorney Seth Levine told jurors that rules about which of Platinum’s bondholder affiliates could vote were so complicated that even the “high powered lawyers” at BakerHostetler and other firms who consulted on it did not see a problem at the time. And, really, would you expect anything else of a law firm hired by or on behalf of Platinum Partners, the ethically-challenged defunct hedge fund that paid bribes (stuffed in leather bags) for mandates it didn’t want and which has already given us more courtroom entertainment and plot twists than several seasons of “Law & Order”?

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Fund-Managing Billionaires Narrowly Escaped the Carried-Interest Tax Loophole Being Closed. Here’s What Titans Like Bill Ackman had to Say about It. (Business Insider)
Closing the carried-interest tax loophole, which benefits private equity and hedge fund managers, has been a political football for two decades. And thanks to a last-minute save from Arizona Sen. Kristen Sinema, it’s looking as if the tax break will stay in the game. A week after Sen. Joe Manchin and Sen. Chuck Schumer brought the bill forward, Sinema — whose support was needed for the bill to pass through the US senate — agreed to cooperate with condition that the tax provision was removed.

Tiger Global Underestimated Inflation Impact as Flagship Fund Drops 50% (Reuters)
HONG KONG, Aug 5 (Reuters) – Tiger Global, one of the world’s largest hedge funds, saw its flagship fund fall by 50% in the first half of the year after it underestimated the impact of a surge in global inflation on markets, according to letter to investors. The U.S.-based fund lost 24.7% in the second quarter, increasing its loss for the first half to 50% from the end of last year, the letter issued by Tiger earlier this week and seen by Reuters on Friday said.

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