NEW YORK (Reuters) – Billionaire investor Stanley Druckenmiller bet against electric carmaker Tesla Inc during the fourth quarter, wagering that its share price will fall, according to quarterly filings released on Thursday.
Druckenmiller’s family fund, named after the hedge fund Duquesne Capital that he founded in 1981, bought put options on Tesla shares worth $99.8 million, a Security and Exchange Commission filing revealed.
Option - Contract - Fund - Shares - Set
The option contract allows the fund to sell the shares at a set price before a set time, implying Druckenmiller believes Tesla’s share price will fall before the contract expires. Neither the strike price nor the maturity of the contract is public.
Tesla’s shares have fallen 6.61 percent since the start of the year after a volatile 2018 in which its price vacillated around $134.
Tesla has $920 million in convertible...
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