Knight CEO Loses $17m, Has Been In Survival Mode

Bloomberg reports that Joyce, who held 1.3% of Knight as of Jan. 31, bears the biggest loss in a group of executives who own 1.8% of the company’s tradable shares, according to data compiled by Bloomberg based on holdings from government filings.

The $400m bailout of the firm that handles about 10% of market making in U.S.-listed stocks reduces the stake of existing shareholders by more than 70%.

In the meantime, Reuters reports that Joyce managed to rescue his firm from oblivion over the weekend, but even with a $400m cash injection from independent investors to cover the near-fatal trading loss, he has a big job ahead of him.

Knight had been in survival mode since a software glitch on Wednesday sent out thousands of unintended trades, distorting the market and leading to the loss.

Finally, CNBC reports that Knight still doesn't know what caused the trading glitch last week, but is taking steps to make sure there isn't a repeat performance, Joyce told the business news broadcaster.