Outspoken hedge fund manager David Einhorn has dumped his stake in Yahoo after just three months, Zero Hedge reports.
In a note for clients Einhorn explained his decision:
"The Partnership bought Yahoo! earlier this year based on a sum of the parts analysis, which included putting substantial value on its Chinese assets. Shortly after the purchase, the value of the Chinese assets came into doubt as the CEO of the Chinese unit hived-off a valuable subsidiary into a corporation that he personally controls. From there, the finger pointing started in every direction. This wasn't what we signed up for. We exited with a modest loss."
What a mess. Yahoo is down 1.6% as of this writing for the day.
This story originally appeared on Business Insider
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» David Einhorn Dumps Yahoo: "This Wasn't What We Signed Up For" __________________________________________
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