Dan Loeb Surrendered But Meme Army Still Hits Bears for Millions

Dan Loeb is hardly the first Wall Street titan to lament how meme stock traders have made short selling a perilous endeavor. But that Loeb, who runs the hedge fund Third Point LLC, did so now is what’s interesting.

The meme crowd, it turns out, is back at it again, driving up stocks and burning short sellers just like they did back in the wild early days of the pandemic. Tupperware Brands Corp., Nikola Corp. and Yellow Corp. have spiraled higher, sticking short sellers in the process with some $435 million in losses over the past two months. Loeb, while seemingly untouched by those sudden market swings, made it clear in a letter this week to his clients that his days as a big gambler against individual stocks are over.