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- Billionaire investor Chamath Palihapitiya was part of efforts to increase GameStop’s stock.
- Palihapitiya says he will donate his initial investment and profits to the Barstool Fund.
- The Barstool Fund gives money to small businesses suffering from the pandemic.
- Visit the Business Insider homepage for more stories.
Billionaire investor Chamath Palihapitiya will donate the money he has earned from selling GameStop shares short to Barstool’s small business fund, he told CNBC.
Palihapitiya partnered with Reddit investors to jack up the game store’s share price, which rose 157% on Wednesday after Elon Musk’s tweet on Tuesday on “Gamestonk !!”. Palihapitiya announced that they have purchased 50 purchase options in GameStop. GameStop’s stock rose 750% in 2021 as online investment group WallStreetBets pushed the stock higher.
Read more: How Hedge Funds Follow Reddit Posts to Protect Their Portfolios After Wall Street Bets Crowd Helps Cut Melvin Capital’s Short Positions
Palihapitiya told CNBC that he will donate $ 500,000, his initial investment in GameStop and all profits, to the Barstool Fund. He said he closed the stock this morning.
The Barstool Fund, founded by Barstool Sports founder Dave Portnoy, is raising funds to support struggling small businesses during the pandemic and “save as many jobs as possible,” according to the Fund’s website. So far, it has raised nearly $ 33 million from 205,525 donors to fund 187 companies. The recipients include bowling alleys, lounges, the vast majority being restaurants and bars.
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