Anonymous ID: 398c8c Jan. 27, 2021, 8:41 a.m. No.12731525   🗄️.is đź”—kun   >>1560 >>1575 >>1648 >>1791 >>1913

BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy

 

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.

 

The asset manager owned about 9.2 million shares, or a roughly 13% stake, in GameStop as of Dec. 31, 2020, a regulatory filing showed on Tuesday. 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. Trading in the video-game retailer’s shares was halted for volatility nine times on Monday and five times on Tuesday.

https://www.reuters.com/article/blackrock-investment-gamestop/blackrock-may-have-raked-in-2-4-bln-on-gamestops-retail-driven-stock-frenzy-idUSL4N2K23QG