Short sellers who bet against Donald Trump’s media company have lost as much as $420 million in the six weeks leading up to Tuesday’s election win.
Short sellers who bet against Donald Trump’s media company have lost as much as $420 million in the six weeks leading up to Tuesday’s blowout election victory.
S3 Partners, the financial analytics firm, released a report on Wednesday detailing how short sellers bet wrong as Trump Media and Technologies Group saw its shares surge by nearly 200% since late September.
Trump Media, the parent company of the president-elect’s social media platform Truth Social, rose by 35% between Tuesday evening and Wednesday morning as the vote tallies made it apparent that the 45th president would be returning to the White House for a second term.
The 78-year-old Trump soundly defeated his Democratic opponent, Vice President Kamala Harris — once again defying the odds and capping a political comeback that appeared inconceivable after his 2020 loss to Joe Biden.
But the stock fell by more than 18% by the close of trading on Wednesday. Shares of the company were down by more than 11% in pre-market activity on Thursday.
