Major hedge fund dumps Best Buy

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By Thomas Lee, Star Tribune

“Hedge fund manager extraordinaire David Einhorn bet big on Best Buy stock. Then he lost big on Best Buy stock.

In a letter to investors Monday, Einhorn’s Greenlight Capital said it sold off its 2.27 percent stake, or 7.7 million shares, in the Richfield-based consumer electronics giant. Greenlight didn’t disclose its exact loss, but a Star Tribune analysis of Greenlight’s stock purchases indicate the firm’s losses could approach $100 million.”

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