{
  "id": 18460541,
  "title": "Tech selloff wipes out hedge fund gains, prompting risk cuts and layoffs",
  "url": "https://urgent.news/2026/11/06/tech-selloff-wipes-out-hedge-fund-gains-prompting-risk-cuts-and-18460541",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T07:01:43.000Z",
  "source": {
    "name": "CNA - Business",
    "slug": "cna-business",
    "url": "https://www.channelnewsasia.com/business/tech-selloff-wipes-out-hedge-fund-gains-prompting-risk-cuts-and-layoffs-6530456"
  },
  "original_language": "en",
  "account": "Technology stocks have plummeted, erasing substantial gains made by hedge funds in 2026, according to a recent report. The equities selloff, primarily impacting tech-focused funds, caused some managers to reduce their risk exposure and cut investment teams. On Thursday, equity long-short funds that primarily invest in tech experienced a loss of more than 4 percent, leaving annual returns flat, as per Goldman Sachs estimates. Tech long-short managers were down 1.3 percent on average, while multi-strategy managers dropped 1.4 percent on the day, multiple sources reported. At the heart of the industry's current woes is $17 billion hedge fund Walleye Capital, which announced it would reduce its equity long-short business and the size of its equity investment team following a tough month since March 2020. Several large multi-manager hedge fund platforms have already cut leverage and laid off loss-making teams in recent weeks, with more expected if declines persist. The market turmoil following the US midterm elections added to the losses, with the Nasdaq 100 index, a key index containing many tech heavyweights, dropping 6.6 percent last month.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Tech sell-off wipes out hedge fund gains, prompting layoffs and risk cuts",
        "url": "https://urgent.news/2026/11/06/tech-sell-off-wipes-out-hedge-fund-gains-prompting-layoffs-and-risk",
        "published": "2026-11-06T07:55:50.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}