Hedge fund manager David Einhorn is asking for Microsoft Corporation (NASDAQ:MSFT) CEO Steve Ballmer to step down. Einhorn believes that Ballmer is living too much in the past. Microsoft’s stock has been at a stand still for the past 10 years and they have not made a dent in their competition against mobile and Internet markets.
While many people have privately criticized Ballmer, this is the first time that a high profile investors said something publicly against him. Einhorn’s hedge fund Greenlight Capital was a recent buyer of Microsoft stock. Greenlight currently has 9 million shares in Microsoft stock, which is about 0.11% of the company’s outstanding shares.
Ballmer said that it’s time for Ballmer to step aside and “give someone else a chance.” On Tuesday Microsoft’s market capitalization was surpassed by IBM. “His continued presence is the biggest overhang on Microsoft’s stock,” added Einhorn. If you put $100,000 into Microsoft stock about 10 years ago, then today it would be worth $69,000. Greenlight Capital manages about $7.8 billion of assets.
[Reuters]
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