CXMT's largest short seller begins cutting losses after holding for two months, expected loss of $10.84 million

PANews reported on September 24 that, according to monitoring by Ember, the largest short seller of CXMT has begun cutting losses after holding the position for two months. The trader shorted 2.9 million shares ($18.85 million) at $6.5 per share the day before CXMT's listing in late July. The position was trapped immediately after CXMT opened and has remained trapped for two months, while also paying high funding fees. The trader has now begun planning to close 2 million shares ($17.04 million) of the short position via TWAP (time-weighted average price) orders. The expected loss is $10.84 million, of which funding fees alone amount to $5.24 million.