Elliott Investment Management sold Tesla Motors convertible notes worth $620 million, bought more than $240 million in Twitter and exited Facebook during the second quarter, regulatory filings revealed on Tuesday.
The Trades: The New York-based hedge fund, which manages assets worth $42 billion, also shed its positions in Howmet Aerospace Inc. and Snapchat parent Snap Inc Inc. Meanwhile, it slightly increased stake in social media company Pinterest, Inc..
The activist hedge fund led by Paul Singer had 10,000 put options, worth about $7 million, in Tesla during the quarter ended March, which seems to have since been exercised.
Tesla shares closed about 3% lower at $665.71 on Tuesday and have fallen nearly 6% year-to-date.
Makes Bullish Bet On Twitter: Ellliott, which first disclosed a stake in Twitter last year, added 3 million shares in the Jack Dorsey-led social media company, lifting its total stake to $688.1 million at the end of June.
The activist fund, had last year reached an agreement with Twitter for a seat on its board.
Shares of the San-Francisco-based social media messaging platform have risen 16% so far this year and closed 1.41% lower at $62.88 on Tuesday.
Exits Bet On Facebook: Singer’s firm also completely exited its position on Mark Zuckerburg-led Facebook as it sold 25,000 shares, worth $7.36 million in the social media company. Elliott also exercised 250,000 put options on Facebook, which were disclosed in the previous quarter, marking the end of both bearish and bullish bets on the company.
Facebook shares have risen 31% so far this year and were down 2.2% at $358.45 as of Tuesday’s close.
Snapchat, Pinterest — Two Contrary Tales: The hedge fund sold 85,000 shares in Snapchat and held shares worth $95.4 million at the end of June. Elliott added 12,000 shares in Pinterest during the quarter and owns 594,000 shares, worth $47 million, in the company as of June.
Elliott exercised 500,000 put options on Pinterest, and currently has 500,000 put options on Snap compared to 1 million the previous quarter.
Snap shares have returned about 43% gains so far this year, while those of Pinterest have fallen about 15%.
Aerospace Sector: The investment firm completely exited the $26.95 million worth stake in Air Lease Corp and reduced little over 500,000 shares in Howmet Aerospace. As of June, Elliott owns 41 million shares, worth $1.4 billion in Howmet Aerospace.
Howmet Aerospace shares have risen 10.3% so far this year and closed 1.56% lower at $31.48 on Tuesday.
The hedge fund's portfolio was worth about $12.8 billion at the quarter ended June, the filing showed.