Citron's Andrew Left closes Wayfair short bet after long wait

FILE PHOTO: Andrew Left, the founder of Citron Research, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 12, 2018. REUTERS/Brendan McDermid"I have been short Wayfair for four years and I actually covered it this morning," Left said in an interview."It felt like I was having a baby," he said.Short-sellers aim to profit by selling borrowed shares, hoping to buy them back later at a lower price.

Wayfair shares closed down 10.2per cent on Friday after the company posted a wider-than-expected quarterly loss. The shares have dropped 21per cent this week amid a broad market sell-off. The S&P 500 fell 0.8per cent on Friday, its seventh straight day of declines. The benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day's session.

Left, editor of the online investment newsletter Citron Research, said the sell-off on Wall Street prompted him to buy shares of Twitter Inc ."If everything in this country becomes worse, Twitter will become the go-to place for information," he said.Left's largest long bet is Amazon , he said. "Amazon is the ultimate stay at home stock. You will win all different ways. You have a company that is trading at the same price it was pre-earnings and they put up a monster number three weeks ago," he said.

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