Millennium Management Posts $3.7 Billion Profit on SpaceX Index Rebalancing Trade

businessstocks 1 posts · 1 accounts

Two teams at Millennium Management posted a combined $3.7 billion profit trading around SpaceX’s inclusion in major stock benchmarks last month, according to a Financial Times report citing JPMorgan analysts.

The trades aligned with passive funds preparing to purchase $4.3 billion of the company’s stock for the Nasdaq 100, coinciding with separate reconstitution and rebalancing events by the Russell and S&P indices.

From the sources (1 posts)

@firstadopter

Hedge funds made a killing in SpaceX index re-balancing trade. You know who lost? Index holders. FT: "Analysts at JPMorgan estimated that SpaceX’s inclusion in the Nasdaq 100 alone would pull in $4.3bn in passive funds, boosting the share

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