Dollars and SenseNews
Reddit Investors Take on Wall Street, Blowing up Gamestop’s Stock
Source: The Associated Press, cbc.ca, January 28, 2021
Melvin Capital is exiting GameStop, with manager Gabe Plotkin telling CNBC the hedge fund was taking a significant loss. He’s denied rumours the hedge fund will fail.
In the David and Goliath saga surrounding the struggling retail chain GameStop, Goliath has fallen.
Two Goliaths, actually.
A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have largely abandoned their positions. The victors: an army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop’s stock and beat back the professionals.
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