GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them
Ben Winck, 25 January 2021
Investors betting against GameStop and the army of bullish retail traders have already lost billions in 2021. Mark-to-market losses for GameStop shorts on a year-to-date basis reached $3.3 billion when trading closed on Friday, according to data from the financial-analytics firm S3 Partners. Losses totaled nearly $1.6 billion on Friday alone as shares rocketed 51% higher into the close.
GameStop stock has continued to climb as Reddit users and day traders have extended the unusual momentum trade into its third week. The company’s shares initially leaped on January 11 after it agreed with an activist investor to add three new directors to its board. The day’s gains drew in swaths of retail traders, including members of the popular WallStreetBets subreddit. Continue reading “Article: GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them”