Greenlight Capital’s Recent Struggles Continue in November
The fund dropped 1.8% in November.
Greenlight Capital saw its fourth-quarter woes continue last month. According to Institutional Investor, the value hedge fund dropped 1.8% in November. That decline follows a 6% drop for the fund in October.
The fund is still up 14.1% for the year. It had a very strong first half to 2019.
However, Greenlight Capital has been losing money in recent months on a bet against Tesla stock. That ongoing battle against Tesla CEO Elon Musk has generated headlines for the media, and headaches for investors.
Greenlight Capital Versus Elon Musk
Tesla stock has pushed higher in recent months after a surprise third-quarter earnings report. However, the stock did see a big drop after an unsuccessful demo of a new Cybertruck. Although Musk claims he has received 250,000 preorders of the truck, the firm faces challenges. Recently, Einhorn requested information about alleged discrepancies in Tesla’s accounting practices. Einhorn said he has not heard back. He wants to conduct a tour of the company’s production facilities and meet with CFO Zack Kirkhorn.
This recent dustup follows a war of words that has continued all year. In August, Einhorn demanded that Musk resign after a Business Insider report tracked the company’s efforts to inspect all solar panels for faulty connectors that caused rooftop fires.
Musk also previously sent a pair of “short shorts” to Einhorn.
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