as she rocks scarlet leather boots and crimson corsets Kylie Minogue, 54, is every inch the vixen in red-themed video for comeback track Padam Padam. Melvin Capital, the $12.5 billion hedge fund founded by Gabriel Plotkin, was one of the main targets of the Reddit campaign, after an SEC filing revealed that the fund had a large short position in GameStop. The notorious activist short-seller has claimed that he pulled the plug on his bets against GameStop after suffering losses of 100 percent as the stock surged this week. ![]() Hedge funds Citron and Melvin Capital said on Wednesday that they had closed out their short positions after suffering undisclosed losses.Ĭitron Research founder Andrew Left - once called the 'Bounty Hunter of Wall Street' and one of the key investors who had bet against GameStop - said on Friday morning that he would no longer publish 'short reports' and instead focus on opportunities for 'long' investments, a term for betting that the stock of a company will rise. Hedge funders (left to right) Andrew Left of Citron, Gabriel Plotkin of Melvin Capital and Loen Shaulov of Maplelane LLC were on the losing end of the price action, pulling out of their positions Short selling is a way of making money off a stock if the share price goes down, and GameStop had been one of the most shorted stocks on the market when the Reddit group targeted it.Īs of Friday, investors who bet against GameStop are sitting on about $19 billion in losses, with the damage topping $10 billion alone on Wednesday, when GameStop shares surged 135 percent, according to data from Ortex provided to Business Insider. On the losing end of the recent price action have been a number of hedge funds, who had heavily shorted GameStop stock, betting that the share price would fall. Hedge funds face billions in potential losses over bets against GameStop The asset manager owned about 9.2 million shares, or a roughly 13 percent stake, in GameStop as of December 31, 2020, a regulatory filing showed on Tuesday.Īssuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December. ![]() ![]() In addition to the individual stakeholders, BlackRock, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop. Meanwhile, investor Donald Foss, the former CEO of a subprime auto lender, has seen his 5 percent stake increase by about $800 million, and GameStop CEO George Sherman's 3.4 percent stake is up about $500 million. The co-founder of online pet supply retailer Chewy, who joined GameStop's board this month, originally paid about $76 million for the stake and has seen his net worth increase by about $6 million per hour over the past two weeks. GameStop's largest individual shareholder, Ryan Cohen, has seen his 13 percent stake increase in value by more than $2 billion over the past two weeks. GameStop investor Donald Foss (left), the former CEO of a subprime auto lender, has seen his 5 percent stake in GameStop increase by about $800 million, and GameStop CEO George Sherman's (right) 3.4 percent stake is up about $500 million The biggest winners in the price action have been GameStop's large and long term shareholders. He also dreams of building an indoor track facility or a field house in Brockton, Massachusetts, his home town. He said he would like to continue his 'Roaring Kitty' YouTube channel and buy a house. 'I thought this trade would be successful,' he told the Wall Street Journal, 'but I never expected what happened over the past week.' On Friday, Gill shared a screenshot of his trading account showing that he is up $31.5 million on a $755,000 investment he made in GameStop in July. Keith Gill, the YouTuber also known as 'Roaring Kitty' was one of the leaders in the GameStop insurgency, promoting the potential for a short squeeze on the Reddit forum WallStreetBets, where users trade stock tips and opinions. 'I know I'm going to do two-weeks' notice,' he told CNN, laughing. Vanover was off from work this week, quarantining after a coworker contracted COVID-19, but now thinks he won't return to his old job. But if he ends up on the winning side of the trade, he says he hopes to help his parents with their mortgage, and continue investing. ![]() Vanover, like many others, has yet to cash out, and his gains could still be erased.
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