Hedge fund billionaire David Tepper, the founder of $US20 billion distressed-debt fund Appaloosa Management, denied a rumour that he has built a position in SunEdison.
He thinks that people must be smoking a lot of marijuana.
“Really truly. There must be some really good ganja coming into the country,” Tepper told CNBC’s Kelly Evans when she asked him if he owned the stock.
The rumour spread on Thursday afternoon on Twitter and the stock popped. In the interview, Tepper noted that those people Tweeting “must be high.”
In the premarket, SunEdison’s stock was last down 6.1%, or 51 cents, at $US7.81 per share.
SunEdison’s share price has collapsed more than 57% this year. A number of hedge funds, including Greenlight Capital and Omega Advisors, have gotten hit by the stock’s plummet.
Here’s the chart from yesterday where the stock popped:
Here’s the chart year-to-date:
Business Insider Emails & Alerts
Site highlights each day to your inbox.