This seems to be yet another example of the loss of confidence in the Korean economy considering that Elliott was losing money in their investment into Hyundai Motors:
New York’s Elliott Management has completely cashed out of the Hyundai Motor Group, selling all of its shares in three related auto companies.
It is estimated that the fund lost money from the holdings, holdings which may have cost $1 billion.
The sale of the shares was widely reported in the Korean press, and Financial Supervisory Service data show no Elliott Management holdings in any of the companies. Hyundai Motor would not confirm the unloading of the stake.
Local press reports say that the shares were sold before the end of last year. Elliott Management revealed its equity interests in the group in April 2018.
Recent disclosures show the fund had owned 2.9 percent of Hyundai Motor, 2.1 percent of Kia Motors and 2.6 percent of Hyundai Mobis before the sale.
The estimate of losses on the holdings is based on the fact that when Elliott first acquired the shares, they were trading at higher prices than they are now. Hyundai Motor shares were in the 150,000 won ($129) to 160,000 won range in early 2018. They are now trading at about 130,000 won.
Joong Ang Ilbo
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