Tag Archives: Gabe Plotkin

GameStop’s surge is making it one of the most traded stocks in the U.S. – MarketWatch

GameStop shares have been on a frenzied tear, trading like companies multiples its size. On Wednesday, shares of GameStop  GME, +125.26%  shares rose 141%, pushing the company’s market value to an eye-popping $25 billion from a little over $1 billion at the start of the month and $10 billion at the end of Tuesday’s action. […]

Hedge fund Melvin Capital closes out GameStop short: CNBC – MarketWatch

Hedge fund Melvin Capital closed out its short position in videogame retailer GameStop Corp., CNBC reported Wednesday. Fund manager Gabe Plotkin told CNBC’s Andrew Ross Sorkin that the position was closed out Tuesday afternoon following a huge loss. Shares of GameStop have soared more than 600% in January after retail investors, organized via Reddit’s WallStreetBets […]

Reddit hammers hedge fund Melvin Capital with GameStop play – Chicago Tribune

A GameStop store in Des Plaines, Ill. Two hedge funds are bowing out of their short positions on the money-losing video game retailer. Citron Research’s Andrew Left said in a video posted on YouTube that his company is going to become more judicious in shorting stocks. Melvin Capital is also exiting GameStop, with manager Gabe […]

Mets fans worried over Steve Cohen’s GameStop involvement

Mets owner Steve Cohen’s attempt to bail out a former business protege’s investment firm has some fans worried. Cohen joined forces this week with fellow finance tycoon Ken Griffin to help bail out Melvin Capital, a hedge fund that placed a sizable bet against GameStop’s stock. Melvin took a beating as rookie investors on Reddit […]

Melvin Capital, Squeezed by Its Bets Against GameStop, Lost 53 Percent in January – The New York Times

Melvin Capital Management, one of the hedge funds pilloried on social media message boards for its short-selling bets that GameStop shares would fall, lost 53 percent on its portfolio in January, a person familiar with the matter said. A principal reason was the huge losses the firm suffered when small investors bid up the stock […]

Robinhood Stops Users Buying GameStop, Other Stocks Shorted By Hedge Funds

Robinhood is, as of Thursday morning, a stock-trading app in which you are not allowed to buy stocks. Well, certain stocks—the ones that some rich and powerful people bet against. The big one is GameStop, but there’s also Blackberry, AMC, Express, Bed Bath and Beyond, and Nokia. When those stocks went up big this week, […]

Mets’ Steve Cohen explains Twitter exit amid GameStop saga

Steve Cohen’s Twitter adventure is officially on hiatus. The Mets’ new owner released a statement Saturday morning explaining why his Twitter account, which had showcased a little-known playful side of the hedge-fund magnate as he engaged with Mets fans, was deactivated Friday night. “I’ve really enjoyed the back and forth with Mets fans on Twitter […]

Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets – WSJ

Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm. Melvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year […]

Reddit users claim victory as $13bn hedge fund capitulates on GameStop

Melvin Capital boss Gabe Plotkin told CNBC that his fund had closed its position in GameStop on Tuesday. That came after Melvin Capital’s backers Citadel and Point72 pumped almost $3bn into the fund to keep it afloat. GameStop shares dropped sharply from more than $340 in after-hours trading to $210 on Wednesday morning in New […]