It's Estimated that Hedge Funds Lost Over $6 Billion USD From Shorting Meme Stocks

After surviving a beating earlier this year.

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Tech
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FT has just reported that both Melvin Capital and Light Street Capital have suffered tremendous losses due to the ongoing rally of meme stocks led by the Reddit army.

In the batch of shorted stocks — AMC, GME, BB, CLOV, BBBY, to name a few — it is estimated that hedge funds have lost a total of six billion USD in value since May. There’s no telling what will happen with these volatile stocks as things seemed readjusted just weeks ago before the recent surge in meme stocks like AMC. Melvin Capital is currently at a 44.7 percent loss YTD while Light Street Capital is down 20.1 percent.

In other tech news, millennial millionaires are investing big in crypto.

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