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How retail investors brought two hedge funds to their knees

Bloomberg
Bloomberg1/28/2021 5:43 PM GMT+08  • 2 min read
How retail investors brought two hedge funds to their knees
“This is unnatural, insane, and dangerous," says Michael Burry of "Big Short" fame.
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Melvin Capital and Citron Capital closed out of their short positions on GameStop Corp. as the firms succumbed to the stock’s meteoric ascent.

Melvin Capital closed its position after repositioning its portfolio, according to a spokesperson. Citron Capital’s Andrew Left also said Wednesday that the firm covered the majority of its GameStop short bets at “a loss of 100%” in a YouTube video.

The gaming retailer surged even higher in U.S. premarket trading after an Elon Musk tweet fanned the flames of the stock’s rally that has sent the company’s market value beyond $10 billion.

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