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GameStop short-seller Melvin Capital lost 53% this month after the Reddit-fueled frenzy
Posted on 1/31/21 at 12:52 pm
Posted on 1/31/21 at 12:52 pm
quote:
Melvin Capital Management lost over half its assets after GameStop burned short-selling funds this month.
The hedge fund, which was at the heart of the GameStop frenzy, lost 53% in January, sources close to the fund told Insider. The Wall Street Journal first reported the loss.
Melvin Capital, founded by star portfolio manager Gabe Plotkin, started the year with $12.5 billion in assets and ended the month with more than $8 billion in assets under management after current investors committed additional capital, the source said. Billionaire investors Steve Cohen and Ken Griffin invested $2.75 billion into the hedge fund earlier this week.
Melvin Capital, along with high-profile hedge funds Citron Research and Point72, got torched after GameStop shares skyrocketed this month, fueled by Redditors using trading app Robinhood.
LINK
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Posted on 1/31/21 at 12:53 pm to RLDSC FAN
Good
This post was edited on 1/31/21 at 12:54 pm
Posted on 1/31/21 at 12:54 pm to RLDSC FAN
Posted on 1/31/21 at 12:54 pm to RLDSC FAN
That’ll leave a mark.
Posted on 1/31/21 at 12:55 pm to RLDSC FAN
Can’t stop won’t stop game stop
Posted on 1/31/21 at 12:56 pm to RLDSC FAN
You hate to see it
Posted on 1/31/21 at 12:56 pm to RLDSC FAN
Awww. I almost (not really) feel sorry for them
Posted on 1/31/21 at 12:56 pm to RLDSC FAN
Should have been more, if the big boys didn't come in yo save them
Posted on 1/31/21 at 12:57 pm to RLDSC FAN
This is a redistribution of wealth I can get behind!
Posted on 1/31/21 at 12:59 pm to Sidicous
quote:
This is a redistribution of wealth I can get behind!
Yeah, but as my Pops always said, "The man on the hill ain't coming off that hill."
I'm sure, by hook or by crook, they will make up those losses.
Posted on 1/31/21 at 12:59 pm to RLDSC FAN
Good! Racketeering should have consequences
Posted on 1/31/21 at 1:00 pm to RLDSC FAN
Posted on 1/31/21 at 1:29 pm to Btrtigerfan
Power to the players
Posted on 1/31/21 at 1:30 pm to RLDSC FAN
If Melvin Capital trades in its whole company today, GameStop will give them $4 and a copy of Destiny on the 360.
Posted on 1/31/21 at 1:30 pm to RLDSC FAN
Mass communication + united in purpose = unstoppable force
Posted on 1/31/21 at 1:32 pm to RLDSC FAN
Posted on 1/31/21 at 1:37 pm to RLDSC FAN
They were just trying to make a living!
Posted on 1/31/21 at 1:38 pm to RLDSC FAN
quote:
Gabe Plotkin
Doesn’t sound Presbyterian
Posted on 1/31/21 at 1:41 pm to MickeyLikesDags21
quote:
During his time at SAC Capital, Plotkin was the recipient of illegal insider information according to federal prosecutors.[4] Reuters identified Plotkin as the so called "Portfolio Manager B" in the Securities and Exchange Commission's civil complaint against Michael Steinberg, a fellow SAC PM who was arrested on charges he traded Dell's earnings based on insider information.
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