Boaz Weinstein’s activist investor Saba seizes control of UK tech fund after bitter SpaceX feud
Saba Capital, the activist hedge fund led by Boaz Weinstein, has gained control of the UK tech investment trust EWIT following a contentious battle with the incumbent board, marking a shift in the fund's strategic direction. The dispute centered on governance and investment strategy, with Saba criticizing the previous management's poor performance amid EWIT's significant exposure to SpaceX. Both sides exchanged sharp public criticisms, with the outgoing chairman warning of risks to retail investors and the sector's integrity.
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The transatlantic tussle has seen each side accuse the other of misleading investors, following two earlier unsuccessful attempts by Weinstein to overhaul the board.Ahead of the vote to oust him, chair Simpson-Dent said EWIT's individual retail and private wealth shareholders had been "ground down" by "repeated attacks" from the U.S. hedge fund manager, and "replaced by institutions seeking to capture the upside potential in EWIT's substantial SpaceX exposure.""This is a disappointing day for our long-standing shareholders who are set to lose exposure to this exciting mandate focused on next-generation technology, seemingly in favour of Saba's plan to invest in other U.K.
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