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REUTERS
October 7, 2018

Greenlight comment adds to Tesla losses

Business

REUTERS
October 7, 2018

SAN FRANCISCO: Shares of Tesla Inc fell 7 percent on Friday, as David Einhorn’s hedge fund Greenlight Capital slammed the electric carmaker the day after Tesla CEO Elon Musk mocked the U.S. Securities and Exchange Commission on Twitter.The sell-off started in morning trading the day after Musk stirred nerves about a settlement of his securities fraud lawsuit by calling the SEC the “Shortseller Enrichment Commission” on Twitter. His tweet came hours after a federal judge ordered him and the regulator to justify their settlement.

“Just want to (sic) that the Shortseller Enrichment Commission is doing incredible work,” Musk, a frequent critic of investors betting against the electric car company said in the tweet. “And the name change is so on point!”

In its quarterly letter, Greenlight said on Friday its short position on Tesla was its second-biggest winner in the third quarter. The hedge fund said Musk has been deceptive and the carmaker’s woes resemble those of Lehman Brothers before its collapse.