U.S. short sellers profited heavily from the chaos of 2022, to the tune of $300.1 billion, with communication-services stocks being the most profitable.
Profit from short selling U.S. stocks and American depositary receipts, on a mark-to-market basis, rose 30.8% in 2022, with an average short interest of $973.33 billion invested, according to a Wednesday report by S3 Partners Research. That followed three tough years in a row where short sellers lost a total of $571.76 billion, S3 Managing Director of Predictive Analytics...
Shorting communications-service stocks on the S&P 500 Index SPX produced a 50.7% return of $80.8 billion, according to S3, while shorting industrial stocks netted a 47.6% return of $95.35 billion.Shorting Google parent Alphabet Inc. GOOG Class C shares produced a 48.1% profit of $2.67 billion, while A-share GOOGL shorts gained 48%, for $1.83 billion. Netflix Inc. NFLX shorts gained 76.3% for a profit of $2.28 billion.
As 2022 was wrapping up, S3 said that Tesla Inc. TSLA short sellers had profited $14 billion since CEO Elon Musk agreed to buy Twitter back in April. That rose to $15.85 billion by the end of the year, for a 83.8% gain — the biggest profit by dollar amount. The sector Tesla is included in, however, consumer staples, only produced an 8.7% return for shorts.
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