June 22, 2020 / 7:06 PM / 23 days ago

Kynikos Associates closed Hertz short bet right before bankruptcy -Chanos

NEW YORK, June 22 (Reuters) - Jim Chanos’ Kynikos Associates covered its long-held short position in Hertz Global Holdings Inc right before the company went bankrupt, Chanos said at the Bloomberg Invest Global conference on Monday.

The short seller, most famous for his bet against energy company Enron before its collapse in 2001, also said troubled payments company Wirecard AG was the largest position in Kynikos Associates’ global short accounts and global hedged accounts.

Chanos, founder and president of Kynikos Associates, said he remains short Tesla Inc.

Short sellers bet against a company by borrowing stock to sell, hoping to buy it back at a lower price before returning it, thus profiting from the decline. (Reporting by Saqib Iqbal Ahmed; Editing by Richard Chang)

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