Reddit traders bludgeon Melvin Capital in warning to Wall Street
The attack on Plotkinâs six-year-old firm has shifted the balance of power in ways that would have seemed unimaginable only months ago.
The mistake, if it can be called that, of Gabe Plotkinâs Melvin Capital was leaving footprints behind in the marketplace.Â
Bloomberg
Jan 28, 2021 â 8.17am
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The first sign of trouble for hedge fund wunderkind Gabe Plotkin came in late October: A poster on Redditâs popular wallstreetbets forum was taking aim at his wildly successful investment firm.
âGME Squeeze and the demise of Melvin Capital,â wrote the user, Stonksflyingup, referring to the stock ticker of GameStop and Plotkinâs $US12.5 billion ($16.3 billion) firm. Before long, veryforestgreen weighed in: âMelvin Capital New Short Attack.â Then, greekgod1990: âMelvin vs WSB! And GME to the moon.â