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Reddit traders: Tech stocks drag ASX lower, shorts squeezed – The Australian Financial Review

The S&P/ASX 200 Index felt the wrath of the Reddit phenomenon, witnessing an epic short squeeze of hedge fund favourites, and pummelling tech stocks.

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In after-market trading those Wall Street megacaps were all lower, by 1.9 per cent, 5.1 per cent and 3.3 per cent respectively.
Xero fell 6.3 per cent to $132.01, WiseTech Global fell 6.1 per cent to $31.91 and buy now, pay later leader Afterpay dropped 6.2 per cent to $136.97.
Kogan lost 6 per cent to $19.66 and Zip Co fell nearly 6 per cent to $7.30.
The slide also comes a day after Future Fund chairman Peter Costello warned that traders enjoying “unbelievable” returns backing unprofitable companies…

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