Home / Business and Economy / Hedge Fund Titan Einhorn Bets Big on PG&E and Theme Parks
Hedge Fund Titan Einhorn Bets Big on PG&E and Theme Parks
15 Nov
Summary
- Einhorn's Greenlight Capital builds $100M stake in PG&E
- Greenlight also opens $25M position in United Parks & Resorts
- Einhorn grows skeptical of current "Fartcoin" crypto-fueled bull market
In the third quarter of 2022, hedge fund manager David Einhorn's Greenlight Capital made some notable portfolio moves. The firm built a stake worth nearly $100 million in California-based utility PG&E, making it the seventh-largest holding. Einhorn dove into PG&E as the stock rebounded after selling off 31% in the first half of the year following the deadly Los Angeles-area wildfires in January.
Greenlight also opened a position valued at just under $25 million in United Parks & Resorts, the owner of SeaWorld and Busch Gardens. This came as the theme park operator's shares had cratered more than 38% so far in the fourth quarter, erasing its 10% gain in the third quarter.
Outside of these consumer-facing bets, Einhorn pared back positions in tech stocks like HP Inc. and GoPro. The 56-year-old investor has grown increasingly skeptical of the current bull market, citing the rise of "Fartcoin" and other crypto tokens as evidence that speculation is ballooning beyond reasonable levels.
