Hedge fund manager David Einhorn’s Greenlight Capital suffered heavy losses in his portfolio when German carmaker Volkswagen’s shares spiked 82 percent on Tuesday, people familiar with his portfolio said.

The German carmaker briefly zoomed past Exxon Mobil to become the world’s biggest company by market value as hedge funds who bet Volkswagen’s price would drop further were forced to cover their positions.

Carmaker Porsche Automobil Holding SE surprised the market by announcing it had effectively gained control of 74 percent of Volkswagen’s voting shares.

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