The GameStop stock phenomenon — in which a bunch of Redditors bought stock and pushed the price of the struggling retailer into the stratosphere, we explained it all for you in a handy post — has taken another wild and crazy turn as the price continued to increase into Wednesday.
And now, New York Mets Steve Cohen is reportedly involved.
No, he didn’t go and buy a bunch of the stock. Per the Financial Times, Cohen’s Point72 Asset Management — with $750 million — joined with Citadel to infuse money into Melvin Capital, one of the firms hit hard because of its short position on GameStop stock.
CNBC then reported on Wednesday morning that Melvin Capital closed out on its GameStop investments the day before, taking a huge loss, but it was the money from Cohen and Citadel that helped.
BREAKING: Melvin Capital closes out of its GameStop position $GME@andrewrsorkin reports: pic.twitter.com/5dx65M7zIP
— Squawk Box (@SquawkCNBC) January 27, 2021
Cohen had this to say on Tuesday:
Rough crowd on Twitter tonight.Hey stock jockeys keep bringing it
— Steven Cohen (@StevenACohen2) January 27, 2021
And if you’re a Mets fan worried this would hurt the team in some way, Cohen — reportedly worth $14.5 billion and who paid $2.475 billion to buy the franchise — put that to rest:
Why would one have anything to do with the other
— Steven Cohen (@StevenACohen2) January 27, 2021
This GameStop thing continues to get crazier by the day.
