BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy
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BlackRock Inc, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop Corp as retail investors pour money into the video-game retailer's shares. Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December. GameStop's stock has surged nearly 700% in the past two weeks in a rally fueled by interest from amateur investors on Reddit, forcing hedge funds to retreat from heavy losses and sparking calls for scrutiny of the social media-driven trading frenzy.

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  • TheCaconym [any]
    ·
    4 years ago

    as though a few hundred million(? I think even that is generous)

    I think that amount is accurate at least. WSB was collectively possessing ~5.5% of Gamestop and that was a month ago (and they bought tons more since then). DFV alone had 0.4% and his shares were worth ~53 mil at the highest of the previous day, so if they sell at the right moment it's in the ballpark.