(FOX BUSINESS) – Short sellers were facing more than $19 billion in combined losses on GameStop as of Friday morning, according to an estimate provided to Fox Business by financial data service Ortex.
Those losses have been driven primarily by retail investors on Reddit’s WallStreetBets subreddit who propelled GameStop’s stock price more than 1,700% since the start of the year, squeezing short-sellers.
Short sellers including Melvin Capital Management and Citron Research have reportedly closed their positions in GameStop since the squeeze began.
