ML-Implode News - Traders are making a boatload betting against once-beloved FAANG stocks

People betting against once-beloved technology giants made $1.6 billion in paper profit last week, according to data from S3 Partners. So-called FAANG stocks, including Facebook, Amazon, Apple, Netflix and Google's Alphabet, fell 4.7 percent last week. They were down 3.6 percent on Friday, alone and are also among the 10 most shorted U.S. stocks, S3 said. The profit number on those short positions for the week assumes the trades were marked at the market price on Friday
Tech is down again on Monday, with the tech-heavy Nasdaq Composite down more than 1 percent. Amazon, which is down 8 percent in afternoon trading, is now on pace for its worst month since November 2008, when it fell 25.4 percent. Netflix also tumbled more than 6 percent on Monday. The short-sellers are still in the hole for the year, however. Year to date, the mark-to-market losses on FAANG shorts is $7.4 billion.

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Traders are making a boatload betting against once-beloved FAANG stocks