Short-selling hedge funds have suffered a mark-to-market loss of $19.75 billion year to date in the brick-and-mortar video game retailer GameStop, according to data from S3 Partners.
Still, short sellers mostly are holding onto their bearish positions or they are being replaced by new hedge funds willing to bet against the stock.
GameStop shares that have been borrowed and sold short have declined by just about 5 million over the last week, marking an 8% dip in the short interest, according to S3.
Most of the short covering occurred on Thursday, when the stock fell for the first time in six days.
Hmm … very interesting!
There are sellers to match buyers!
But only 8% dip in the short interest i.e. no massive short covering! Paper losses only. LOL!
Who are buying bloody high to fight this war?