By Timothy W. Martin
David Einhorn's Greenlight Capital Inc. sold off its stake in
General Motors Co. (GM), while stepping up its investments in solar
energy company SunEdison Inc. (SUNE), according to a quarterly
disclosure on Thursday.
As of March 31, Greenlight Capital sold all of its 17 million
shares of the embattled General Motors, the largest U.S. auto
maker, which has recalled more than 12 million cars world-wide this
year.
Mr. Einhorn, who warned of a second tech bubble in 15 years in a
note last month to investors, lightened Greenlight's stake in
several technology companies. Greenlight decreased its holdings in
IAC/InterActive Corp. (IACI) by 28%, or 536,000 shares. The New
York hedge fund also decreased its Apple Inc. (AAPL) ownership by
13%, or 318,500 shares, to 2.1 million shares.
Greenlight upped its holdings of SunEdison by more than 800%, or
10.5 million shares, increasing its ownership to 11.8 million
shares. It also revealed new stakes in Lorillard Inc. (LO), Nokia
Corp. (NOK) and Conn's Inc. (CONN).
In addition to General Motors, Greenlight sold off its stake in
Delphi Automotive Plc (DLPH), NCR Corp. (NCR), the maker of ATM
machines, and Legg Mason Inc. (LM), among others.
Write to Timothy W. Martin at Timothy.Martin@wsj.com.
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