CXMT Lost $10.98M Shorting Before IPO

The biggest short seller betting against ChangXin Memory Technologies (CXMT) closed all their positions 10 hours before the IPO. The losses are now set in stone: a total of $10.98M down the drain. Out of that, $5.18M went to funding fees, and $5.8M was lost due to price movement. They opened their short position at $6.5 the day before the IPO, betting on a price drop, but CXMT's price held strong. After holding the position for 2 months, they finally cut their losses and closed at $8.5, locking in a $10.98M loss. https://(hyperdash.com)/address/0xf2925cb0779a741fe33037cbd88fca5382e41244 -------------------------------------------------------------------------- Bitget: Join and you're instantly VIP! Crypto, US stocks, CFDs—get ahead globally in one place!