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October 23, 2014

High-profile hedge fund manager dumps Best Buy

David Einhorn, who leads New York-based Greenlight Capital Inc., has sold off his firm’s 7.7 million shares, or 2.27 percent stake, in the Richfield-based electronics retailer. The Star Tribune reports Greenlight’s losses could approach $100 million.

Analysts tell the newspaper Einhorn’s decision could help former Best Buy chairman and founder Richard Schulze, who is exploring options for his 20 percent stake in the company, including an effort to take the company private.

Best Buy is still recovering from months of internal distractions, including the abrupt resignation of Schulze and former CEO Brian Dunn, while trying to come up with a profitable business strategy.

Former Fridley-based Medtronic CEO Bill George spoke with KSTP about the struggles at Best Buy and Supervalu.

Watch the interview below: