Jim Chanos, the legendary short-seller known for his bearish bets against Enron and Tesla Inc., is shuttering his hedge funds after almost four decades.

Chanos & Co., which he founded as Kynikos Associates in 1985, plans to return capital to investors by the end of the year, according to a letter to clients Friday.

“It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned,” Chanos wrote. “While I am as passionate as ever about research and investing, I feel compelled to pursue these passions in a different construct.”

Chanos, a frequent presence on television and X, the social media platform previously known as Twitter, said he’s winding down his funds after returning almost $5 billion of profits to investors since the firm’s inception.

The Wall Street Journal reported on his decision earlier.

Chanos, 65, said his firm will continue to offer investors “bespoke advice on fundamental short ideas and portfolios as well as the occasional profitable macro insight.”