Investors shorting 'meme stock' AMC Entertainment (AMC.N) are estimated to have lost about $488 million on Monday after a rally that sent the cinema operator's shares up more than 15%, data from financial analytics firm Ortex showed.
An AMC theatre is pictured amid the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photoare estimated to have lost about $488 million on Monday after a rally that sent the cinema operator's shares up more than 15%, data from financial analytics firm Ortex showed.
By contrast, AMC short-sellers suffered $1.2 billion in mark-to-market losses for the week to May 28, when small-time traders on online discussion groups sent the stock up about 116%, triggering a phenomenon known as a "short squeeze". AMC shares were down 0.1% in premarket trading on Tuesday. The stock has surged more than 2,500% so far this year.Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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