I'm buying more shorted stocks next week. These hedge funds can't continue to burn cash and not go under. Even taking just one of them down would make it all worth it.
Losses on short positions in U.S. firms top $70 billion - Ortex data
LONDON (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, 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.