Hedge Funds Lose on Citigroup $C After Greece Puts Plan to Vote

Citigroup (C) fell more than 8.55% in early trading on Tuesday “on worries that a planned Greek referendum could scuttle a plan reached last week to resolve Europe’s debt crisis,” reports MoneyWatch. “The Greek government shocked financial markets with news that it would put its cost-cutting plan to a popular vote, which could lead the country to default on its debt.” Citigroup had closed Monday at $31.59. It was trading at $28.89 at 9:37 am EST. The decrease came in spite of Citigroup’s upgrade from Credit Suisse, which brought the bank from a Neutral to Outperform, reports TheStreet.

The following hedge funds lost the most:

1. Paulson & Co – John Paulson: Lost $90.5 million

2. Fairholme (Fairx) – Bruce Berkowitz: Lost $71.2 million

3. Pershing Square – Bill Ackman: Lost $63.5 million

4. Maverick Capital – Lee Ainslie: Lost $29.0 million

5. Brookside Capital – Bain Capital: Lost $22.9 million

6. Appaloosa Management Lp – David Tepper: Lost $19.4 million

7. Lone Pine Capital – Stephen Mandel: Lost $17.7 million

8. Adage Capital Management – Phill Gross And Robert Atchinson: Lost $17.0 million

9. Lansdowne Partners – Paul Ruddock And Steve Heinz: Lost $16.5 million

10. Capital Growth Management – Ken Heebner: Lost $14.9 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in C since the end of June. We did not take into account their option positions.