Clover Health Roars To Record As Short Sellers Get Burned

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(Bloomberg) -- Clover Health Inc., a health insurer backed by venture capitalist Chamath Palihapitiya, posted a second day of wild gains that appear to be driven by retail investors determined to punish short-sellers betting against it. Clover rallied 72% at 1:25 p.m. in New York trading after briefly doubling. The gains erased five months of losses in the stock -- which formed part of a broader selloff in Palihapitiya-backed companies -- in just two days. Trading volume in Clover was more than 22 times the three-month daily average on Tuesday, with a record 559 million shares changing hands.

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