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You probably wouldn’t expect GameStop’s recent frenzied surge (GME) – Get the report stock to have an impact on the New York Mets baseball team.
But Mets fans are worried because owner Steve Cohen’s Point72 hedge fund invested in Melvin Capital, a hedge fund that had a huge short position on GameStop. A source told The New York Times that Cohen’s hedge fund has fallen 15% this year.
Of course, that’s not a huge move given the scale of GameStop’s dizzying rise – its stock has jumped over 650% last month – and the size of Cohen’s wealth. It is worth $ 14.6 billion on Thursday, according to Forbes.
Citadel and Point72 are injecting $ 2.75 billion into Melvin to help it stay afloat, including $ 750 million from Point72. Melvin managed $ 1 billion of his money before that, sources told The Times.
Mets fans interviewed Cohen and shared their thoughts on whether the Melvin debacle would affect the Mets.
As a fan put it, “Does this Gamestop company affect the Mets payroll? I mean that’s the main story of it all.
Cohen’s response: “Why would one have anything to do with the other.”
Fan Response: “Because both companies have the same Sugar Daddy!”
As for GameStop, the video game retailer’s shares continued to beat on Thursday, tumbling, rising, and then sinking again after trading platforms like Robinhood restricted trading in shares.
AMC Entertainment (AMC) – Get the report and Bed Bath & Beyond (BBBY) – Get the report – two other strongly sold stocks – fell sharply on Thursday.
Much of the activity was triggered by the Reddit-based WallStreetBets chat.
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