GameStop short-squeeze losses at $12.5 billion YTD – Ortex data
LONDON (Reuters) – Shorting shares in GameStop, the web sport retailer at the centre of the persevering with retail shopping for and promoting frenzy, worth hedge funds a whole $12.5 billion over January, data from financial analytics company Ortex confirmed on Monday.
The losses had been inflicted by small-time merchants who piled into GameStop, pushing up the shares and forcing many hedge funds to buy them once more to cowl losses. GameStop shares are up 1600% yr-to-date.
Ortex data confirmed $5.9 billion value of GameStop shares had been out on mortgage as of Friday or 49% of your entire freefloat.
In Europe, fast-sellers booked $28 million loss on their bets in opposition to Cineworld. Almost 24% of its freefloat is on mortgage.
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