Traders Who Bet Against WeWork Reaped $440 Million in Gains This Past Year
- WeWork stock has tumbled 96% over the past 12 months
- Shares fell below key $1 level for listing on NYSE in March
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Traders who bet on a decline in the stock price of WeWork Inc., the beleaguered real estate company, reaped millions in gains this past year.
Short sellers’ paper profits hit roughly $440 million for the year through market close Wednesday, according to data from S3 Partners LLC. WeWork shares plunged 96% in the 12-month period after a record 25% one-day drop sent them to an all-time low of 26 cents on Wednesday, following the abrupt departure of its chief executive.