The largest shareholder in high-end mall owner Macerich Co. sold its entire holding for nearly $500 million when the stock soared after being touted on Reddit, Bloomberg News reported. Ontario Teachers’ Pension Plan sold 24.56 million shares on Wednesday at an average price of $20.25 a share, according to details in an amended 13D. The Canadian fund had owned 16.4% of the company, according to data complied by Bloomberg. Macerich, a real estate investment trust based in Santa Monica, Calif., has been struggling for years and was battered by a pandemic that forced malls to shut down and pushed consumers toward e-commerce. The stock lost 84% of its value over a three-year period ending Dec. 31, 2020. Then comments began appearing on Reddit boards including r/wallstreetbets, the subreddit now famous for helping to fuel an astonishing rise in GameStop Corp., AMC Entertainment Holdings Inc. and other heavily-shorted or out-of-favor stocks. Macerich shares jumped 68% in four trading sessions and reached about $26 at one point on Wednesday on frenetic volume — allowing Ontario Teachers to get out.
