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Westfield rally linked to Reddit implosion
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A blistering short squeeze in shares of Unibail Rodamco Westfield has been linked to a wrong-footed bet by $US20 billion hedge fund, D1 Capital, which found itself in the thick of the Reddit armyâs assault on Wall Street.
The tri-listed mall operator formed by the merger of Unibail-Rodamco and Westfield popped 14.5 per cent on Thursday, and is up almost a further 5 per cent since.
A URW Westfield shopping mall in west London. D1 Capital entities had a collective 7.84 per cent short interest in URWâs Paris- and Amsterdam-listed shares.Â
Bloomberg
D1 Capital, a US hedge fund and URW short-seller, was reportedly on track for a 20 per cent loss in January making it one of the highest-profile casualties of the retail trader-induced short squeeze originating on Reddit, and better known for targeting stocks such as GameStop, AMC and Bed, Bath & Beyond.