Short sellers pocketed nearly $400 million in a single day from the regional bank stock selloff, report says
Western Alliance shares dove following a. The bank denied the report, paring back some of its initial 47% losses.
According to ORTEX, short sellers have made $816 million from the three bank stocks since the start of the year. Short sellers, who sell a borrowed security at a high price before buying it back after it falls, have enjoyed lucrative returns since the banking crisis began with the . Soaring interest rates have squeezed the value of banks' investment portfolios, and the sector's problems have been exacerbated by a flight of deposits from smaller lenders.Read next
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