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CrowdStrike Outage Nets Short Sellers $978 Million Windfall
Short sellers piling into bets against CrowdStrike Holdings Inc. have been rewarded after a botched software update from the firm sparked a global IT outage and sent shares plunging to their worst two-day stretch on record. The contrarian group reaped paper profits of $978 million on the cybersecurity software company’s 23% two-day drop, according to data from S3 Partners LLC. The selloff was enough to swing CrowdStrike short sellers to gains year to date and pushed July paper profits to nearly $1.5 billion. Shares of the company slumped 13% Monday, adding to Friday’s losses. Total short interest in the systems ... (full story)
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- Posted: Jul 22, 2024 7:10pm
- Submitted by:Category: Entertainment NewsComments: 0 / Views: 6,336
