Greenlight Capital sold its stake in Yahoo Inc (YHOO.O) after an ownership dispute undermined the value of the Internet company's Chinese assets, according to a Greenlight letter to investors. David Einhorn, head of the hedge fund firm, told investors on April 29 that Greenlight had taken a "significant" long position in Yahoo stock at $16.93. Yahoo shares fell 2 percent to $15.50 in morning trading Friday. "The partnership bought Yahoo earlier this year based on a sum of the parts analysis which included putting substantial value on its Chinese assets," Einhorn wrote in the July 7 letter to investors.
Yahoo! Inc. (Yahoo!) is a digital media company. Yahoo! provides engaging and innovative canvases for advertisers to connect with their target audiences. Shares of YHOO fell by 2.15% or $-0.34/share to $15.47. In the past year, the shares have traded as low as $12.94 and as high as $18.84. On average, 28114500 shares of YHOO exchange hands on a given day and today's volume is recorded at 8527046.
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