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The meme stock rally triggered by the return of “Roaring Kitty” to social media has cost GameStop stock short-sellers more than $2 billion in just two days, according to data firm S3 Partners.
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Ihor Dusaniwsky, S3's managing director of predictive analytics, wrote on X: “After being down $862 million in mark-to-market losses yesterday, $GME [GameStop] shorts are down another $1.36 billion in mark-to-market losses today.”
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GameStop stock was up 21% Tuesday afternoon as trading was halted, after multiple pauses in trading on Monday, when the stock closed up 74%.
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Short-selling is an investment strategy in which a trader borrows shares and sells them, with the intent of buying them back later at a lower price, returning the borrowed shares (plus interest) to the lender, and profiting off the difference.
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Dusaniwsky added that GameStop’s short interest is $1.92 billion, and that 63.2 million shares have been shorted.
“We are seeing continued squeeze-related short covering due to the rebirth of the meme trade,” he wrote.
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Additionally, he wrote that AMC stock shorts are down $244 million in midday losses after falling $127 million on Monday.
AMC stock was trading more 37% higher Tuesday afternoon after it was also halted.
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More on GameStop, AMC, and the meme stocks rally
‘Roaring Kitty’ brought back the GameStop meme stock frenzy. Here’s what to know about him
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GameStop stock soars 120% as the ‘Roaring Kitty’ meme stock rally continues for a second day
It’s not just GameStop and AMC. These meme stocks are also rallying
GameStop meme stock mania is back. Here’s what happened last time
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The GameStop meme stock rally helped AMC stock surge 102% — and the company raised $250 million
