Fund With Stakes in Anthropic, SpaceX Plunges After Short Report

Shares of the Fundrise Innovation Fund sharply reversed course Thursday, falling by a third as Citron Research revealed it was shorting the stock in the newly public venture capital investment vehicle.

The fund’s shares sank 31% to close at $262 on Thursday in New York. Even after that drop, that’s a far cry from the estimated net asset value of $18.97 per share before the stock began trading on the New York Stock Exchange a week ago.

In an X post earlier Thursday, Citron said its short call was “simple math” given the recent rise in the stock to more ...