Short sellers pocket record weekly profit from Big Tech selloff
The Star Online - Tech·2024-04-23 08:01
(Reuters) - Traders who bet against the "Magnificent 7" group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed.
The chip designer shed almost 14% last week to clock its worst weekly fall in over 19 months, helping short sellers rake in more than $3 billion in profit.
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