In January 2021, Melvin Capital, a hedge fund, lost about 53% of its value in just a week. This wasn’t due to a scandal or bad earnings. It was all because of GameStop, a struggling video game retailer that many hedge funds were betting against.GameStop had an unusually high percentage of its shares sold short. Many funds were betting the stock would drop. But when the price started rising instead. Thanks in part to…
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