Major hedge fund loses over 50% of its assets in bet against GameStop
Share article:
Share article:

Major hedge fund loses over 50% of its assets in bet against GameStop

 

Major US hedge fund, Melvin Capital Management, lost 53% in January on bets against GameStop and other stocks.

The hedge fund’s assets currently stand at $8 billion, down from about $12.5 billion at the start of the year.

GameStop shares ended last week at a 400% gain, closing at $325 on Friday. The video game store’s shares were going for under $10 each in October of last year.

The sudden rise in GameStop’s value began last week as a result of retail investors turning to Reddit’s r/WallStreetBets subreddit.

The Brussels Times