Get the latest tech news
GameStop Short Sellers Just Lost $2 Billion Amid Meme Stock Rally
And AMC short-sellers have also lost hundreds of millions of dollars
Ihor Dusaniwsky, S3's managing director of predictive analytics, wrote on X: “After being down $862 million in mark-to-market losses yesterday, $GME [GameStop] shorts are down another $1.36 billion in mark-to-market losses today.” Short-selling is an investment strategy in which a trader borrows shares and sells them, with the intent of buying them back later at a lower price, returning the borrowed shares (plus interest) to the lender, and profiting off the difference. “We are seeing continued squeeze-related short covering due to the rebirth of the meme trade,” he wrote.
Or read this on r/technology
