This Hedge Fund Made $700 Million on GameStop – WSJ

Richard Mashaal and Brian Gonick started buying GameStop Corp. shares in September.

They aren’t Reddit day traders or Discord users. They are hedge-fund managers in New York. And when the stock surged from less than $10 a share to above $400 and the dust had settled, they were sitting on a profit of nearly $700 million, one of the great fortunes of the January market mania.

The GameStop surge is often cast as a triumph of amateursover professionals. Which it was, to a degree. But it also was a trade that pitted professionals against other professionals—and few have made more money than Senvest Management LLC, Messrs. Mashaal’s and Gonick’s firm.

“When it started its march, we thought, something’s percolating here,” said Mr. Mashaal, 55 years old. “But we had no idea how crazy this thing was going to get.”

Senvest’s interest in the videogame retailer was piqued by a presentation from the new GameStop chief executive at a consumer investment conference last January.

This content was originally published here.