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Investment Firms Are the Big Winners of the GameStop Stock Revolution So Far
The dominant narrative of this saga is that it’s essentially a massive wealth transfer from institutional investors and hedge funds to “average” people (who still have enough money to invest in random stocks during a pandemic). This is true, to a degree. People have posted stories of now being able to cover medical bills thanks to GameStop stock, and the original $50,000 investment of the Redditor who started the craze is now worth tens of millions of dollars. Bolstering this narrative is the fact that these folks have absolutely demolished large hedge funds that bet against GameStop, giving it a David vs. Goliath flavor.
Tech
People Are So, So Mad at GameStop Investors and FinTok Influencers
Edward Ongweso Jr
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But even as the crusade continues, this isn’t a simple story of the little guy winning. The entities that own the majority of GameStop stock are also humongous investment firms and private equity. These entities, such as Fidelity and BlackRock, all own millions of GameStop shares each. Individual day traders spending a few hundred or thousand dollars on GME stock are making a bit of much-needed money, but these institutional funds’ positions are now in the billions.
https://www.vice.com/en/article/y3gepx/investment-firms-are-the-big-winners-of-the-gamestop-stock-revolution-so-far