A 3d printed Robinhood and Reddit logos are seen near one dollar banknotes in front of displayed GameStop logo - Reuters file pic
NEW YORK: It’s in the air again, on Reddit, in Congress, in the C-suite: Hedge funds that get rich off short-selling are the enemy. The odd thing is, the biggest players in the game are getting a pass.
Those would be the asset managers, pension plans and sovereign wealth funds that provide the vast majority of securities used to take bearish positions.
Without the likes of BlackRock Inc. and State Street Corp., the California Public Employees’ Retirement System and the Kuwait Investment Authority filling such an elemental role, investors such as Gabe Plotkin, whose Melvin Capital Management became a piñata for day traders in the GameStop Corp. saga, wouldn’t have shares to sell short.
Biggest Players in the Short-Selling Game Are Getting a Pass
Bloomberg 3/6/2021 Brandon Kochkodin and Erik Schatzker
(Bloomberg) It’s in the air again, on Reddit, in Congress, in the C-suite: Hedge funds that get rich off short-selling are the enemy. The odd thing is, the biggest players in the game are getting a pass.
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Those would be the asset managers, pension plans and sovereign wealth funds that provide the vast majority of securities used to take bearish positions. Without the likes of BlackRock Inc. and State Street Corp., the California Public Employees’ Retirement System and the Kuwait Investment Authority filling such an elemental role, investors such as Gabe Plotkin, whose Melvin Capital Management became a piñata for day traders in the GameStop Corp. saga, wouldn’t have shares to sell short.
Melvin Capital revives after GameStop frenzy thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
Melvin Capital, the hedge fund at the center of the GameStop trading frenzy, gained 21.7% last month, helping wipe away some of the heavy losses it suffered when it bet that the video retailer's stock would fall, sources said on Wednesday.