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.
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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