Wall Street tycoon threatens to sue UK fund for selling shares in SpaceX

Core Viewpoint - Boaz Weinstein, head of Saba Capital Management, criticizes Edinburgh Worldwide Investment (EWI) for selling a significant portion of its stake in SpaceX, questioning the commercial rationale behind the decision [1][2][4] Group 1: Investment Trust Actions - EWI reduced its investment in SpaceX by over a third in October, decreasing its stake from 13% to 8.4% just before SpaceX's valuation increased to $800 billion from $400 billion [2] - The trust, valued at £850 million, was established in 1998 by Baillie Gifford to invest in high-growth companies [2] Group 2: Activist Investor Response - Weinstein demands greater transparency from EWI's board regarding the sale and suggests it may be linked to a potential merger with a rival trust, a claim EWI denies [3] - He indicated that if satisfactory responses are not provided, Saba may pursue legal action on behalf of EWI [3] Group 3: Financial Impact - The sale of EWI's SpaceX stake is estimated to have cost shareholders approximately £37 million [6] - Weinstein's fund previously blocked a merger that would have allowed Baillie Gifford to maintain control over the trusts while requiring Saba to halt its activist efforts [7]