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David Einhorn’s Greenlight Capital re-built a small position in Intel (NASDAQ:INTC), their latest 13F showed, while also revealing the size of their Twitter bet and confirming Einhorn’s bullishness on the energy sector.
Greenlight revealed an $18 million stake in Intel as of the end of Q3. The firm had previously owned Intel shares in Q1 but had closed the position in Q2. The timing was not bad, given the U.S. chipmaker’s continued struggles – down 41% for the year and down 31% in Q3 alone. Greenlight Capital’s position is now more than double the share count, though it is still only 1.3% of the assets reported on the 13F form.
Einhorn had previously announced his position in Twitter for the merger arbitrage in the Elon Musk deal: the 13F showed that it was a $188 million position at the end of Q3, over 13% of the assets reported on the form. If Greenlight held onto the position through to the close of the deal on October 28th, they would have gained over $44 million.
Greenlight Capital also upped their stakes in energy companies, adding to positions in Consol Energy (NYSE:CEIX), Southwestern Energy (NYSE:SWN), and Weatherford (NASDAQ:WFRD). Einhorn’s Q3 letter showed him to be bullish on inflation and bearish on stocks, so the increased energy exposure is no surprise.
As previously revealed in that Q3 letter, Greenlight Capital closed positions in Atlas Air Worldwide Holdings (NASDAQ:AAWW), Warner Bros. Discovery (NASDAQ:WBD), Chemours (NYSE:CC), International Seaways (NYSE:INSW), and the Playboy Group (NASDAQ:PLBY). They also trimmed positions in Brighthouse Financial (NASDAQ:BHF), Green Brick Partners (NYSE:GRBK), and Victoria’s Secret (NYSE:VSCO).
Einhorn has seen a comeback year amidst the bear market, reporting a 17.7% gain in the first 9 months of the year, vs. a 23.9% loss for the S&P 500.
