GameStop mania reveals power shift on Wall Street — and the pros are reeling
Melvin Capital lost 30% of their $12.5 billion portfolio, just in January. The popular Wall Street fund was among the worst affected in the GameStop trading saga, that saw internet-fueled amateur investors on platforms like Reddit and Discord, piling into stocks, bragging about their gains and banding together to intensify moves. With trade apps like Robinhood blocking buying options on the popular stock, claiming volatility concerns, many are left wondering on the ethicality of such move and whether this is Wall Street's way of fighting back. Gunjan Banerji, Juliet Chung and Caitlin McCabe investigate in The Wall Street Journal.
From The Wall Street Journal