Melvin Capital loses 53% in January over bet against GameStop thanks to Reddit buying spree - reports ...News

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Melvin Capital loses 53% in January over bet against GameStop thanks to Reddit buying spree - reports
source : Russia Today ( News ) () 28
Hedge fund Melvin Capital felt the effects of the buying spree spurred by individual buyers from the r/WallStreetBets subreddit account, with the group losing 53 percent in January. Despite the loss, Capital received fresh cash from investors by the end of January after taking heavy losses due to the unexpected and record stock gains for companies like GameStop, according to a source cited by Reuters. Melvin started January with $12.5 billion in assets, but is closing out the month with $8 billion, according to the Wall Street Journal’s report on the losses. It closed out its short position on GameStop in the wake of the massive surge.

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