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A major investor is demanding explanations from the board of a London investment fund about decisions made regarding its SpaceX holdings. The threat? Legal action if satisfactory responses aren’t provided. Boaz Weinstein’s firm, Saba Capital Management, put out a public letter Wednesday with pointed questions about why Edinburgh Worldwide Investment Trust didn’t tell the market about reducing its position in the space company. The letter also asks whether plans to merge EWIT with another fund played into the timing of the sale. Here’s what Saba says happened: Investment manager Baillie Gifford sold off a big chunk of both EWIT’s and US Growth Trust’s SpaceX shares back in October. The sale price looks way lower than values established two months later in December, when reports came out that Elon Musk’s company was aiming for a $1.5 trillion price tag for its planned public stock offering. Legal action on the table The hedge fund manages about $6 billion in assets. It’s set a deadline of January 9 for EWIT’s board to address concerns about the transaction. “Unless and until we receive satisfactory responses to these questions and concerns, we reserve all of our rights, including to issue proceedings on behalf of” EWIT, Saba said in its letter. Saba’s done the math and says shareholders already lost out on £37 million—that’s $49.9 million—because of how the sale was handled. This isn’t the first fight between these two. Weinstein is trying to replace EWIT’s entire board with his own picks. A shareholder vote on this is scheduled for January 20. The hedge fund tried something similar less than a year ago but didn’t succeed. Legal & General Group, a major UK asset manager, said Tuesday it would vote against Saba’s proposal. The plan “lacks sufficient detail regarding its future strategy” for managing the fund,…

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Filed under: News - @ January 7, 2026 11:24 am