Largest short on CXMT closes with $10.98M loss after IPO-day bet fails

The split between funding costs and price movement is the real signal here: nearly half the loss came from simply holding a losing position, not from being wrong on direction alone. That matters for anyone running carry-style shorts in newly listed names, where borrow and funding economics can quietly dwarf the thesis. Two months of persistence against firm pricing also suggests the trade was anchored to a view the market never validated. Whether similar crowded short positions in recent listings unwind the same way is the open question.