Finance

Melvin Capital lost more than 50% after betting against GameStop: WSJ

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A GameStop Corp. store in Rome, Italy, on Thursday, Jan. 28, 2021.

Alesia Pierdomenico | Bloomberg | Getty Images

Hedge fund Melvin Capital Management lost 53% in January amid a record rally in GameStop and other stocks the fund was betting against, according to The Wall Street Journal citing people familiar with the matter.

The heavy losses come as retail investors piled into popular hedge fund short targets, including the struggling video game retailer. Shares of GameStop finished last week with a gain of 400%, bringing its total return this year to 1,625%. The stock closed Friday’s session at $325. As recently as October it traded under $10.

CNBC’s Andrew Ross Sorkin reported last week…



Source cnbc.com

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