(Bloomberg) -- Greenlight Capital, the hedge fund firm led by David Einhorn, sold 20.2 million shares of General Motors Co. last quarter, decreasing its position by more than a third as the automaker's stock rallied.
GM, which rose 16 percent in the third quarter, remained the firm's largest disclosed long holding as of Sept. 30, with a market value of $1.4 billion, according to a filing with the U.S. Securities and Exchange Commission.
In June, Einhorn lost a rare activist fight that would have divided GM's shares into two classes -- one collecting on the dividend and the other on the value of the earnings. He said last month that the “idea is still great” but that he and his firm are “just going to be quiet about it.”
Money managers who oversee more than $100 million in the U.S. must file a Form 13F within 45 days of each quarter's end to list those stocks as well as options and convertible bonds. The filings don't show non-U.S. securities, holdings that aren't publicly traded, or cash.
To contact the reporter on this story: Simone Foxman in New York at sfoxman4@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Josh Friedman, Alan Mirabella
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