Why Skillz Is Tanking More Than 12% This Week

Shares of Skillz (NYSE: SKLZ) are down 12.2% from last Friday's close, according to data from S&P Global Market Intelligence, on no specific news for the mobile esports platform, but rather a buildup of negative sentiment surrounding its immediate future. Just a week prior, for example, Skillz Chief Technology Officer Miriam Aguirre announced she was resigning from the company after eight years in the position. Once a meme-stock favorite, Skillz remains a heavily shorted stock with over 22% of its shares outstanding sold short.