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MarketWatch MarketPulseSep 19, 2019
Jim Chanos announces short position in GrubHub
Legendary short-seller Jim Chanos of Kynikos Associates on Thursday announced his fund has taken a short position in online food-delivery company GrubHub Inc. during the CNBC Institutional Investor Delivery Alpha conference, arguing that the company is "making almost no money per order, it's something like 15 cents." Chanos said that the company's financial position will only worsen from here as labor costs rise, in part due to new regulations that could classify gig-economy workers as employees rather than independent contractors. He also cited stiff competition from Uber Inc. , whose Uber Eats division has been growing revenue in the food-delivery business at a rapid pace. Chanos said that GrubHub does not have the financial "wherewithal" that Uber does and that competing with Uber "is like being locked in a cage with a psychopath with an ax." GrubHub shares fell 5.5% during Thursday trade.

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