Short sellers earn $8.7B as SpaceX shares fall to IPO price levels
Short sellers accumulated approximately $8.7 billion in profits as SpaceX shares declined to their IPO price, according to data from analytics firm Ortex. The drop represented a significant reversal for the private space company's valuation. Short sellers profit when a stock or share price falls, having borrowed and sold shares at higher prices before buying them back cheaper. The development drew attention given SpaceX's status as one of the most closely watched private companies in the world.
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