The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Equinix shares rose 12% on May 9, 2024, their biggest one-day gain since March 2020, after the company said an internal accounting investigation had substantially concluded and found its financial reporting accurate. Bloomberg News reported the move the following day. The rally was a dated market event—not a current share-price update or an investment recommendation.
What triggered Equinix’s May 2024 rally?
The immediate news catalyst was Equinix’s announcement about its internal accounting investigation. According to Bloomberg News’ May 10, 2024 report, the company said the investigation had “substantially” wrapped up and that its financial reporting had been accurate. Bloomberg connected that announcement to the 12% share gain on May 9.
The announcement came after allegations by a short seller in March 2024. Those were allegations, not findings established by Bloomberg’s report. Equinix’s statement about the investigation is likewise attributable to the company; the report does not independently adjudicate either the allegations or the company’s conclusion. Bloomberg News report hosted by Data Center Knowledge, May 10, 2024.
What did the rally mean for short sellers?
S3 Partners estimated that the rally left short positions with more than $141 million in paper losses, as reported by Bloomberg. That figure was an attributed mark-to-market estimate, not a tally of realized losses.
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S3 Partners managing director Ihor Dusaniwsky said short covering could follow: “We should be seeing short covering as some shorts exit their trades in order to realize what is left of their year-to-date mark-to-market gains.” This was a forecast about possible trading activity, not confirmation that all short sellers covered their positions.
What analysts said at the time
Bloomberg’s May 2024 article reported 21 buy ratings, seven hold ratings and no sell ratings among the analyst ratings it compiled. It also cited an expected 18% upside. Those were contemporaneous ratings and expectations—not realized returns or current analyst views.
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Citigroup analyst Michael Rollins said he believed the market might increasingly focus on operating fundamentals and opportunities to accelerate organic revenue growth back into an annual target range of 8–10% later in 2024 and potentially in future years. This was his conditional outlook at the time, not a statement of what subsequently happened or a current forecast. Bloomberg News report hosted by Data Center Knowledge, May 10, 2024.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Later company results are separate from the 2024 event
In a July 29, 2026 release, Equinix reported that monthly recurring revenue grew 11% year over year in Q2 2026 and said it had raised its 2026 guidance. These are later, company-reported operating results and guidance. They do not establish that the May 2024 rally predicted later performance or explain that day’s share move. See Equinix’s Q2 2026 results release and its SEC-hosted filing.
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