Business & Investment

Hedge fund Melvin Capital closes GameStop position: Reuters spokesman

© Reuters. GameStop Store filmed in Austin, Texas

Boston (Reuters)-Hedge fund Melvin Capital Management, which suffered a huge loss betting on video game retailer GameStop (NYSE :), closed its position and relocated its portfolio, a company spokesman said Wednesday. Told to.

“Melvin Capital has relocated its portfolio in the last few days. It has closed its position at GME (GameStop),” a spokesman said in a statement.

A spokesman also said the company, once one of Wall Street’s best performers, hasn’t collapsed. “Social media posts about Melvin Capital’s bankruptcy are clearly wrong,” he said.

Earlier this week, prominent hedge funds Citadel and Point 72 Asset Management extended their $ 2.75 billion financial lifeline to the fund. Fund savvy people said they lost almost 30% in the first three weeks of January.

GameStop closed 92.71% at $ 147.98 on Tuesday and rose 65% before its opening on Wednesday.

Disclaimer: Fusion media We inform you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and forex prices are provided by the market maker, not the exchange, so prices may not be accurate and may differ from actual market prices. In other words, price is an indicator and is not suitable for trading purposes. Therefore, Fusion Media is not responsible for any transactional losses that may occur as a result of using this data.

Fusion media Alternatively, anyone involved in Fusion Media will not be liable for any loss or damage resulting from relying on the data, quotes, charts, trading signals and other information contained on this website. Be fully informed about the risks and costs associated with trading in financial markets. This is one of the most risky forms of investment possible.



Hedge fund Melvin Capital closes GameStop position: Reuters spokesman

https://www.investing.com/news/stock-market-news/hedge-fund-melvin-capital-has-closed-gamestop-position-spokesman-2401309 Hedge fund Melvin Capital closes GameStop position: Reuters spokesman

Back to top button