REUTERS/Aly Song
- JD.com plunged after its CEO was detained in the US over a sexual-misconduct allegation.
- Short sellers made $ 153 million in profits from the stock decline, which saw shares fall 14% last week.
- Watch JD.com trade in real-time here.
JD.com short sellers — or investors betting on the company’s stock to fall — made millions last week after CEO Liu Qiangdong was detained in the US over a sexual-misconduct allegation.
Following the news that Liu was arrested over a rape allegation in Minneapolis over Labor Day weekend, JD.com’s stock dropped 14% last week. That generated mark-to-market profits of $ 153 million for short sellers, according to data from financial analytics firm S3 Partners.See the rest of the story at Business Insider
NOW WATCH: What’s going on with Elon Musk
See Also:
- Your opinion is important – Join BI Insiders program
- JPMorgan has established a blueprint for the next big market crash — and warns it could create the biggest social conflict in 50 years
- We visited the ‘McDonald’s of the Philippines,’ which serves spaghetti and fried chicken alongside its burgers — here’s what it’s like
