Short sellers hack into Fortescue Iron ore tycoon Andrew Forrest is under attack from international hedge funds in a co-ordinated short-selling blitz against his Fortescue Metals Group — a campaign that has caused the company’s stock, and the executive’s paper fortune, to slump by more than 37 per cent in just over a month.

The company’s broker, Southern Cross Equities, has sent a note to clients that leaves no doubt as to why it considers the stock has fallen: "FMG shares have been subject to an aggressive and co-ordinated shorting campaign from a high of $13.15."

The stock went as low as $7.91 on Tuesday but by Thursday had rebounded to a $8.70 close on a day of particularly heavy trading, with 45.5 million shares going through.

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