Midwest Communications
PEORIA, Ill. — Last week, the nation watched as the price of GameStop stock skyrocketed to over $300 a share.
A large group of users from Reddit decided to short squeeze the stock, driving the price up for hedge fund managers who had made bets against the price rising.
However, Baird Financial Advisor Scott Mabee says not all hedge fund managers were hurt by the squeeze.
“There’s another hedge fund manager that made $700 million off of the trade,” said Mabee. “Certain hedge fund managers got beat up, and certain hedge fund managers made a lot of money on it.