Activist investor Carl Icahn has a sizeable short position in video game retailer GameStop Corp, Bloomberg News reported on Monday, citing sources familiar with the matter.
Short-sellers borrow shares and sell them, seeking to profit by returning them after buying the stock back at a lower price. The stock, which has lost nearly a third of its value so far this year, fell about 9 per cent on Monday. In September, GameStop announced a partnership with Sam Bankman-Fried's FTX US to increase its presence in the cryptocurrency space even as analysts said the partnership was"unlikely to yield meaningful revenue or profit".
Source: News Formal (newsformal.com)
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