Hey everybody,
It may not have been caused by a Reddit thread, but today, another hedge fund had a total meltdown.
Archegos Capital Management was forced to sell more than $20 billion in shares after its positions moved against it.
The margin call caused banks to start selling stocks held on Archegos' behalf, creating somewhat of a firesale on Wall Street. Some stocks, such as VIAC, DISCA, & BIDU were sold off in huge chunks.
Sounds like Archegos had the Mondayest Monday ever.
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