Short sellers notch $8.7 billion profit as SpaceX shares dip to IPO price

NEW YORK, July 16 : Short sellers targeting SpaceX 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.SpaceX shares have been volatile, experiencing brief bouts of strength before slipping back. On Wednesday, the stock dropped below its initial public offering price for the first time before recovering to close just above that level."SpaceX has been a rollercoaster for the short sell