Einhorn ups Apple stake
Talk about kissing and making up.
Despite having just sued Apple in February, hedge-fund hot shot David Einhorn more than doubled his stake in the iPhone maker in the quarter ended March, it was revealed yesterday.
His new stake is worth more than $1 billion and is now Greenlight Capital Management’s largest holding.
Einhorn got into a public spat with Apple CEO Tim Cook over the company’s $143 billion cash hoard last quarter.
The battle paid off, however, as Apple has hiked its dividend and upped its stock-buyback plan.
Einhorn’s bet will have to wait another day for a payoff as Apple shares fell 3.4 percent yesterday, to $428.85, on news that other hedge funds sold during the same time period, including David Tepper’s Appaloosa, which dumped 372,661 shares. Chase Coleman’s Tiger Global sold 790,000 shares.
Einhorn’s newly ballooned stake was filed after the closing bell.

