Facebook short-sellers also burnt by IPO
by Wall Street Job Report on May 25, 2012
Even as Wall Street heaps scorn on Facebook, investors eager to bet against the over-hyped stock are having a tough time.
The disastrous opening that affected everyone also burnt short-sellers — investors betting the stock will drop — who hoped to profit.
One hedge-fund manager was ready for a replay of Blackstone’s 2008 initial public offering, which he had successfully shorted.
“I tried to short 15,000 shares on the opening,” he said. “I wanted to short 50,000, but 15 was all I could get.”
Read the full story at the NY Post.
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