hardly a victory for the working people!
Lol I’m shooting the shit rn with a friend over the gme thing.
The stocks went from around 37$ to 370$ at its peak. That means if you invested you made ten times your investment at most.
The people who made millions on this bet already were able to invest more than 100k$. Hardly your average worker. There are also people who invested millions in it already on Reddit.
Yeah I skimmed the subreddit once and saw five people who had invested over 50k in a span of ten minutes. Really says something about the class character of that subreddit.
More bourgies making yuge profits:
Bloomberg’s Katherine Burton and Katherine Doherty reported on Tuesday that hedge fund Mudrick Capital booked a profit of around $200 million on positions in both GameStop and AMC Entertainment (AMC). Mudrick, which has about $3 billion under management, returned just under 10% in January according to Bloomberg, marking one of its best months since inception.
Late last week, we learned that investment firm Silver Lake had made about $113 million after converting $600 million worth of debt in AMC to equity and then selling the entire position during the massive surge in the stock price.
And a report from Bloomberg on Tuesday said Steve Cohen’s Point72 — which injected $750 million into struggling hedge fund Melvin Capital last week amid a short bet on GameStop gone wrong — has raised some $1.5 billion after re-opening the fund for fresh capital amid what sources called an attractive investing backdrop.
