January 28, 2023
New Delhi

The biggest fund raise $700 million inGamestonk after Elon Musk tweet “Gamestonk”

Please GameStop it, Hollywood

Market enthusiasts fueled by Reddit, who dramatically increased the stocks of GameStop/Gamestonk and other serious deficit companies in the past month, are often cited as the perfect example of retail investors sticking to Wall Street creation.

But not everyone on Wall Street was betting on GameStop.

New York-based hedge fund Senvest Management began investing in GameStop/Gamestonk before many r / Wall Street Bets crowds caught fire, and by October 2020, it owned more than 5% of the Wall Street Journal.
Senvest paid less than $ 10 for the majority of the shares, according to The Journal, and hedge funds left with $ 700 million in profit after GameStop/Gamestonk stock peaked above $ 400. This is one of the biggest winners.
In contrast, Reddit user r / DeepF — value, believed to have sparked the GameStop/Gamestonk rally, claims to have made a profit of $ 48 million.

According to The Journal, Senvest stepped into GameStop after a compelling presentation by new CEO George Sherman and the involvement of Chewy investor and founder Ryan Cohen but tweeted from Elon Musk. Withdrew from the game because of.

ALSO READ: Why Elon Musk Tweet Gamestonk!!? Effect on the Stock price

On January 26, after the market was closed, Musk simply tweeted “Game Stonk !!”. Musk’s tweet helped extend short-term pressure, with GameStop’s share price rising another 157% when the market reopened the next morning.
“Given what’s going on, I couldn’t imagine it getting even crazier,” Senvest CEO and fund manager Robert Mashal told The Journal.

The recent market frenzy has hit many hedge funds hard. But even Melvin Capital, the seller of GameStop, one of the biggest losers who lost 53% in January, has received $ 2.8 billion in aid from other hedge funds.

Meanwhile, GameStop shares have already fallen to about $ 92 on Wednesday, with reports that individual investors have bought late and have already lost huge sums.

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