Reddit Ignites Mall Stock and Fund Cashes Out $500 Million

Ontario Teachers’ fund, 16.4% owner of Macerich, sells it all
Reddit seizes on struggling REIT for potential short squeeze

WATCH: Alexis Ohanian, co-founder of Reddit Inc. and founder of venture capital firm Seven Seven Six, discusses the power of social network platforms like Reddit and Discord in fueling major market moves, recently seen in the GameStop Corp, BlackBerry Ltd and AMC Entertainment Holdings Corp trading frenzies. (Source: Bloomberg)

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By Paula Sambo

January 29, 2021 at 2:08 AM UTC

Updated on

January 29, 2021 at 2:46 PM UTC

This article is for subscribers only.

The largest shareholder in mall owner Macerich Co. sold its entire holding for nearly $500 million when the stock soared after being touted on Reddit.

Ontario Teachers’ Pension Plan sold 24.56 million shares on Wednesday at an average price of $20.25 a share, according to details in an amended 13D. The Canadian fund had owned 16.4% of the company, according to data complied by Bloomberg.