Instagram spurred Citron's Left to cover Facebook short

|About: Alphabet Inc. (GOOG)|By:, SA News Editor

Short-seller Andrew Left of Citron Research covered his short position on Facebook (FB -2.4%), Reuters reports, and it's all due to the power of Instagram.

“Instagram has really become a powerhouse - you can no longer deny it,” Left said at a Reuters summit, pointing to its insights into what people want to buy.

He's not short on most of the FAANGs now, noting it's hard to make money shorting Alphabet (GOOG -2%, GOOGL -2.1%) with its Google "cash cow," and Amazon (AMZN -3.5%), which benefits from continuing strength in online shopping.

He is still short Netflix (NFLX -2.6%), though, since it's "addicted to debt" and beset with competition.

“Facebook can do what Netflix does, but Netflix can’t do what Facebook does,” he said. “You can’t think that the rest of Hollywood will throw its hands up and say, ‘OK Netflix, you win.’ ”

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