Jim Chanos to Close His Hedge Funds

Legendary short-seller plans to pivot towards advisory and research services after returning investor cash.

Jim Chanos, the legendary short-seller known for his bearish bets against Enron and Tesla, is closing his hedge funds, Chanos & Co., which he founded as Kynikos Associates in 1985.
Chanos & Co. currently manages less than $200 million, down from $6 billion in 2008, and plans to return 90% of investor cash by the end of the year and the rest by the first half of next year.
Chanos has stated that 'the marketplace for what I do has changed,' and that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned.
While winding down his hedge funds, Chanos will not be stepping away from the financial world entirely. He intends to pivot his focus towards advisory and research services for a select clientele, in addition to managing some separate accounts.
Despite his bearish bets, Chanos' shorts of Tesla stock have not been vindicated, with Tesla’s shares skyrocketing more than 900% in the last five years and becoming the most valuable car company in the world.