Billionaire hedge fund manager David Einhorn didn't get the outcome he expected when he shorted high-flying stocks like Amazon.com (AMZN) and Tesla (TSLA) as part of his "bubble basket," CNBC reported.
The Greenlight Capital investor is known for his timely short bets, most notably his May 2008 call against Lehman Brothers. But Einhorn told investors that "the bubble basket was particularly frustrating" in the second quarter this year, causing Greenlight to lose money.
Amazon stock was up 9% and Tesla stock was up 30% in the second quarter. Greenlight's second quarter performance was down 4%.
Einhorn said Amazon's bull case rests mostly on the fact that the retail giant hasn't put forth many details regarding its recent bid to acquire Whole Foods Market (WFM) , leaving details to the market's imagination. Tesla, Einhorn told investors, is lauded as the next Apple, but there are "many critiques" and a "few distinctions" that dismantle the comparison.
Apple stock traded up mid-afternoon. Tesla shares were down over 2% following CEO Elon Musk's comments calling his company's stock overvalued.
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