Short sellers who targeted SpaceX shares are sitting on a massive windfall, with an estimated $15.5 billion in paper profits accumulated since the rockets-to-AI company made its stock market debut, according to data from analytics firm Ortex Technologies.
The gains come as SpaceX’s share price has fallen beneath the level set during its mid-June initial public offering, or IPO. Ortex’s data runs through Tuesday.
Short selling is an investment strategy where traders borrow shares and sell them, hoping to repurchase those shares later at a lower price and keep the difference as profit.
