Citron's Andrew Left closes Wayfair short bet after long wait [Reuters]
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Source: Reuters
Citron's Andrew Left closes Wayfair short bet after long wait NEW YORK (Reuters) - This week’s sharp stock sell-off helped activist short-seller Andrew Left profitably close a long-held bet against online retailer Wayfair ( W.N ) on Friday. “I have been short Wayfair for four years and I actually covered it this morning,” Left said in an interview. “It felt like I was having a baby,” he said. Short-sellers aim to profit by selling borrowed shares, hoping to buy them back later at a lower price. Wayfair shares closed down 10.2% on Friday after the company posted a wider-than-expected quarterly loss. The shares have dropped 21% this week amid a broad market sell-off. The S&P 500 fell 0.8% on Friday, its seventh straight day of declines. The benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day’s session. Left, editor of the onlin
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