Melvin Capital Lost More Than 50% in Bet Against GameStop

Melvin Capital Lost More Than 50% in Bet Against GameStop

Melvin Capital Lost More Than 50% in Bet Against GameStop.

Melvin Capital Management lost 53% in January on bets against GameStop and other stocks.

The hedge fund’s assets currently stand at $8 million, down from about $12.5 billion at the start of the year.

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GameStop shares ended last week at a 400% gain, closing at $325 on Friday.

The video game store's shares were going for under $10 each in October of last year.

The sudden rise in GameStop’s value began last week as a result of retail investors turning to Reddit’s r/WallStreetBets subreddit