Lone Pine Capital and Lansdowne Profit From Tesco Accounting Scandal

British consumer retail giant, Tesco PLC (LON:TSCO), made at least two hedge funds richer with its recent accounting scandal. Tesco shares are down over 12% since yesterday, and it seems like it is going to get worse.

Steve Mandel's Lone Pine Capital and London-based Lansdowne Partners, one of the largest hedge funds in Europe, were betting on the winning side of this trade. Lansdowne has been holding Tesco's shares short for nearly two years now, whereas Lone Pine Capital just disclosed the bet at the end of July. Tesco is down nearly 25% since July 29, so Lone Pine has made a gain of over $40 million on its 0.69% short position....