Boaz Weinstein, the American hedge-fund manager, secured a shareholder vote to remove the board of a British investment trust.
The trust holds a significant stake in SpaceX, the private space exploration company founded by Elon Musk.
Weinstein’s campaign targeted the trust’s management, arguing it had underperformed and failed to maximize shareholder value.
The vote outcome marks a rare victory for an activist investor in a foreign fund structure.
Shareholders backed Weinstein’s proposal to replace the board with new directors.
The move gives Weinstein greater control over the trust’s strategy and asset allocation.
Observers say the win could encourage more activist campaigns in similar investment vehicles.
SpaceX’s private valuation has surged, making the trust’s holdings increasingly valuable.
Weinstein’s firm, Saba Capital, had previously challenged the board’s handling of the trust’s discount to net asset value.
The ousted board did not immediately comment on the vote results.
