Andrew Kang has increased his short position to $77.97 million, resulting in an estimated paper loss of around $1 million. This move indicates his continued bearish stance in the market. A short position involves borrowing shares and selling them with the intention of repurchasing them at a lower price. The increase in the position suggests that Kang anticipates further declines in the asset’s value. The million paper loss reflects current market conditions and the performance of the asset in question.
