Einhorn’s Greenlight Bought ‘Medium-Sized’ BT Stake, Times Says
(Bloomberg) -- Hedge fund Greenlight Capital LLC, which is run by billionaire David Einhorn, has built a “medium-sized” position in BT Group Plc, the Times reported, without saying where it got the information.
Greenlight bought shares at an average price of 219 pence ($2.88) and indicated an interest in splitting the broadband network operator Openreach from the telecoms company, the Times said. The holding is likely below 3 percent, the newspaper said. BT Group closed at 235.9 pence on Friday.
Einhorn has sustained substantial losses this year through August at Greenlight’s main hedge fund, losing 25 percent in one of its worst slumps on record. The investor, who rose to prominence with a wager against Lehman Brothers Holdings Inc., has been a critic of Tesla Inc.
Bloomberg previously reported that Greenlight’s investor letter said that it added a long position in BT Group in the third quarter.
BT, the world’s oldest phone company, is preparing for a change at the helm, with Chief Executive Officer Gavin Patterson departing.
A spokesman for BT Group, Tom Engel, declined to comment. Greenlight Capital couldn’t immediately be reached by Bloomberg. The Times said Greenlight declined to comment for its story.
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