EquiLend Borrow Quantity in Getty Images has fallen approximately 60%, from 14.9 million shares in mid-June to 6 million shares as of July 30th. The decline preceded the latest official Public Short Interest data, published July 24th, which showed short interest at 8.5 million shares as of July 15th- down 26% from the previous report. The pressure was also visible in financing costs. EquiLend Cost to Borrow peaked above 17,000 bps on June 24th as EquiLend Utilization rose above 90%. Cost to Borrow has since declined approximately 89% to ~1,800 bps as of July 30th.

Getty shares closed at an all-time low of $0.58 on June 18th, after falling approximately 55% year –to –date. On June 21st, the company announced a multiyear display partnership that will bring Getty Images’ licensed content into OpenAI’s search and discovery experiences in ChatGPT. Shares more than doubled in the June 22nd session. EquiLend Borrow Quantity began declining that same day, providing an intraday view of the change in short positioning before it appeared in the next official short-interest report.

With the position unwind still running and the full impact of the OpenAI deal yet to be priced in, subscribe to EquiLend’s real-time data to track every shift in demand and see how short sellers are positioning.