GameStop‘s designed miracle has now trickled down to other stocks, and now the Day Trader Army is launching its crusade once more. The punishment on big players that have bet big on shorting has led to a surge in some of the more surprising stocks.
Companies like AMC, Bed Bath & Beyond, Virgin Galactic Holdings, Nokia, and even Tootsie Roll have experienced a rally from the spill-over. In this commotion, the firm Melvin Capital Management has experienced tremendous losses, forcing it to announce via a “spokesman” that it would be closing its GameStop position – to which the statement was met with disbelief.
It should also be worth mention that as the WallStreetBets holy war pushes on, the little guy is not the only one that is profiting from this revelation. Billionaires like Wang Jianlin saw a huge jump of $773 million USD via his stake in the company. Tootsie Roll Industries Inc.’s CEO, Ellen Gordon, also saw a jump of $185 million USD from the spike. Overall, this ordeal has added some $2 billion USD to Chewy Inc. co-founder Ryan Cohen’s wealth thanks to his 12.9 percent stake in GameStop. What an exciting time to be alive.