US hedge fun Saba Capital cashes in after seizing control of a UK trust with a stake in SpaceX
A US hedge fund is set to cash in weeks after seizing control of a UK trust with a stake in SpaceX.
Saba Capital, run by financier Boaz Weinstein, won a battle with the £900million Edinburgh Worldwide investment trust after investors voted to replace the board with his nominees.
The trust’s largest holding is a stake in SpaceX – around 19 per cent of its portfolio – that was valued at around £138million at the end of February.
But Musk’s firm is targeting a debut of $1.75 trillion (£1.3trillion), raising the stake’s value to £193million.
A gain would be the icing on the cake for Weinstein’s campaign to seize control of the trust after two failures, but would be a blow to investors who sold out their holdings after being worn down by Saba’s repeated attacks.
Windfall: Saba Capital, run by Boaz Weinstein, pictured, won a battle with Edinburgh Worldwide investment trust after investors voted to replace the board with his nominees
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Freetrade
Freetrade
Investing Isa now free on basic plan
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
