Ken Griffin Is Buying One of the Most Shorted Stocks In the Market
Ken Griffin, the CEO of the massive hedge fund and market maker Citadel Securities, has an estimated net worth of $33 billion, so he's definitely had some success when it comes to investing.
That's why it was pretty interesting to see that Citadel recently disclosed a 5.5% stake in the crypto bank Silvergate Capital (NYSE: SI), which is one of the most shorted stocks in the U.S., with more than 72% of its shares being sold short. Let's take a look at the situation that Silvergate has found itself in and what Citadel may be up to.
A company does not simply become the most shorted stock in the U.S. Normally it happens when the stock becomes extremely overvalued or there is a problem with the company's business model. In this case, Silvergate's business model ran into huge issues, particularly in the back half of 2022.
Source Fool.com
