![]() ![]() ![]() ![]() The effort to take down Melvin appears to have started late last year, and by mid-January, short sellers began noticing spikes in the price of GameStop. ![]() As of Friday, Melvin was down 30 percent this year, which comes to $3.75 billion of the $12.5 billion with which it started 2021, according to calculations using numbers reported in the Wall Street Journal, which first revealed that the hedge fund was getting the bailout. That’s not going to fill the entire hole. For months, retail investors posting on a Reddit forum were broadcasting their intentions to take down a prominent, but reclusive, hedge fund called Melvin Capital - and doing so by buying call options on video game retailer GameStop, a stock in which Melvin had disclosed a big short bet.īut the effort appears to have failed, thanks to a $2.75 billion investment by Citadel and Point72 Asset Management, according to a statement from all three firms. ![]()
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