Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Short-sellers made billions from U.S. tech selloff, GameStop inflicts losses: Ortex

Published 03/09/2021, 11:19 AM
Updated 03/09/2021, 11:20 AM
© Reuters. FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed GameStop logo

© Reuters. FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed GameStop logo

LONDON (Reuters) - Investors are estimated to have made billions of dollars from their bearish bets on Tesla (NASDAQ:TSLA) and big tech stocks in the recent knee-jerk selloff triggered by a jump in U.S. Treasury yields, data from financial analytics firm Ortex showed on Tuesday.

Tesla was short-sellers' biggest win, giving them estimated profits of $4.2 billion so far in 2021, followed by more than $1 billion gains each on Zoom Video and Apple (NASDAQ:AAPL), according to Ortex.

They were however burnt by betting against videogame maker Gamestop. The company, which was at the heart of the so-called "stonks" retail trading mania, has jumped another 400% in the past two weeks as amateur investors have jumped back in.

GameStop (NYSE:GME)'s e-commerce strategy plans were seen driving this week's renewed gains in January's "meme" stocks, alongside speculation that small investors will use their upcoming stimulus checks to trade.

© Reuters. FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed GameStop logo

In other major bets, investors made about $1 billion from shorting QQQ, an ETF that tracks the performance of the Nasdaq 100. The tech-heavy benchmark hit correction territory on Monday, slipping more than 10% from record highs.

Latest comments

screw short sellers
Burn baby burn
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.