May 1, 2020 / 2:26 PM / a month ago

Einhorn's Greenlight Capital sold out of General Motors: letter

BOSTON (Reuters) - Hedge fund Greenlight Capital said it sold its position in carmaker General Motors, saying the company’s forecast for 2020 was worse than the hedge fund had expected.

“General Motors was a disappointment,” the firm wrote to investors in a letter seen by Reuters. “We sold our stock.” During the five years that Greenlight owned shares in the carmaker, the hedge fund earned an internal rate of return of 9.6%, the letter said.

Reporting by Svea Herbst-Bayliss

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below