Hedge fund activist Boaz Weinstein is on the cusp of his most significant campaign victory yet — overhauling an investment trust whose claim to fame is an early bet on Elon Musk’s SpaceX rocket company. But the beleaguered target is doing a good job of trashing the prize pot.

Weinstein’s Saba Capital Management is likely to replace the board of Edinburgh Worldwide Investment Trust Plc at a shareholder meeting in April. The London-listed trust owns a $1 billion portfolio of stakes in perceived high-growth companies, around 17% of which is SpaceX stock.

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