WallStreetBets Forces Hedge Funds To Cover Short Positions In GameStop Stock

After weeks of unrelenting gains for GameStop shares, WallStreetBets Reddit traders seem to have beaten Wall Street.

Melvin Capital and Citron Research closed their short positions on GameStop stock after the company's massive rally formed an extraordinary short squeeze. The former ate a huge loss when it ended its bearish bet on Tuesday afternoon, CNBC reported.

The Citron managing partner Andrew Left said in a video on Wednesday that most of the firm's position was covered when GameStop traded at about $90 at "a loss of 100%." He added that he maintained a smaller position in the stock.

"We'll become more judicious when it comes to shorting stocks," Left said. "Doesn't mean the industry is finished, but it just means you have to be more specific."

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Видео WallStreetBets Forces Hedge Funds To Cover Short Positions In GameStop Stock канала What Happened To Common Sense