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>Short sellers targeting SpaceX (SPCX.O), opens new tab shares are sitting on an estimated $8.7 billion in paper ​profit since the rockets-to-AI firm's initial public offering last month, as ‌its stock slipped below the IPO price, according to data and analytics firm Ortex Technologies. Short sellers, who borrow shares to sell them and later buy them back at ​a lower price for a profit, have pressed their bearish bets ​on SpaceX as the company's shares slipped toward its IPO price ⁠of $135 from a post-IPO high of $225.64.

Archive: (broken) From the post: >>Short sellers targeting SpaceX (SPCX.O), opens new tab shares are sitting on an estimated $8.7 billion in paper ​profit since the rockets-to-AI firm's initial public offering last month, as ‌its stock slipped below the IPO price, according to data and analytics firm Ortex Technologies. Short sellers, who borrow shares to sell them and later buy them back at ​a lower price for a profit, have pressed their bearish bets ​on SpaceX as the company's shares slipped toward its IPO price ⁠of $135 from a post-IPO high of $225.64.
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[–] • 2 pts

It's probably not short selling; IPOs are more difficult to short than its probably worth to try.

The short comes from hedging a long IPO with an option position. For the typical retail investor, this means selling covered calls on a long position, and then waiting for some more-optimistic douche to exercise them when the price is already far enough in the money for the seller that the seller is gonna clear a profit anyway.

It's a parasitic strategy, meant to take advantage of those who are even more clueless than the jewish clever-asses who think they're going to mAKe A kILlING with an option hedge like that