After nearly four decades, Jim Chanos is shutting down hedge funds he manages that wager against companies he believes are overpriced or fraudulent, the Wall Street Journal reported on Friday.

His firm, Chanos & Co., manages less than $200 million today, down from $6 billion in 2008, the report added.

He expects to return most of his investors' cash by Dec. 31, the report said.

Chanos and Co. did not immediately respond to Reuters' request for a comment.

Chanos is known for his bets against Tesla, on which he went short in 2016. He reduced his bet against the electric car maker ahead of its entry into the S&P 500 benchmark index in late 2020.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)