These 10 highly-shorted stocks are soaring as Reddit traders wage war against top Wall Street hedge funds
The forum, members of which refer to each other as "degenerates" and create "meme stocks," first targeted shares of GameStop, buying deeply out-of-the-money calls that created unprecedented demand for shares. The ensuing 1,784% year-to-date rally in GameStop has led to massive losses for certain hedge funds that were short the stock, including Melvin Capital, which lost more than 30% and received an emergency $2.8 billion investment from Point72's Steve Cohen and Citadel's Ken Griffin. Advertisement Now some traders are setting their eyes on other highly shorted stocks in the market, hoping t...
Source: businessinsider.in