 [Reuters] - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason,
| ...no business reason, just a bunch of trolls with $600 stimulus checks to use for vengeance... |
| Somehow the sympathy meter isn't twitching one little bit for the hedge funds that lost billions here... |
forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.
| From Instapundit: “10,000 national guard troops to Wall Street by Monday.” |
|