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“VCX Explodes!”: Fund Holding OpenAI, Anthropic, SpaceX Shatters 42% on Short-Seller Attack
Retail investors are now rapidly dumping their shares in Fundrise Growth Tech Fund VCX -41.84% ▼ after activist short-seller Citron Research disclosed a short position in the stock and raised questions about the credibility of its sponsor. The closed-end fund, which had surged by up to 1,360% in pre-market trading on Thursday from its opening price about a week ago, later cratered about 42% to roughly $221 per share on Thursday afternoon.
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VCX holds a 20.7% stake in Anthropic, 17.7% in Databricks, and 9.9% in OpenAI — according to its website — offering retail investors pre-IPO (initial public offering) exposure to the most sought-after private companies on Wall Street that are expected to make their public debut this year.
However, Citron, in an X post published with an image titled “VCX Explodes! Fundrise,” criticized the fund’s massive premium to its net asset value (NAV) of $18.95 per share. Earlier in the day, VCX’s shares climbed as high as $457.99, giving it a hefty premium of 2,314% to its NAV at the time.
“Citron is short VCX VCX -41.84% ▼ . VCX is trading at $400. Its assets are worth $19. SIMPLE MATH,” the research firm noted.
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