{
  "id": 18468120,
  "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",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T07:55:50.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/tech-sell-wipes-out-hedge-fund-gains-prompting-layoffs-and-risk-cuts"
  },
  "original_language": "en",
  "account": "Hedge funds experienced significant losses due to a market downturn on November 5, as technology stocks suffered a sharp decline. Many funds that had previously gained year-to-date saw their returns nearly wiped out. Tech-focused equity long-short funds experienced a more than 4% drop on the day, leaving their annual returns roughly flat. Goldman Sachs estimates show that global fundamental long-short managers were down 1.3% on average, while multi-strategy managers dropped 1.4% on Thursday. The pain in the industry is centered around Walleye Capital, a US$17 billion hedge fund that announced plans to reduce its equity long-short business and equity investment team following its worst month since March 2020. Large multi-manager hedge fund platforms have also cut leverage and laid off loss-making teams in recent weeks, anticipating further layoffs if declines persist. The recent market turmoil extended losses after a challenging October, when sentiment was dampened by elevated AI-related borrowing costs and concerns over returns. The Nasdaq 100 index, which includes many tech giants, dropped 6.6% in October, its largest monthly decline in 18 months.",
  "summary": "Some funds see flat year-to-date returns as a market rout on Nov 5 compounds industry losses",
  "key_points": [],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/18468120.png",
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Channel News Asia",
        "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",
        "published": "2026-11-06T07:01:43.000Z"
      }
    ]
  },
  "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."
}