{"id":570618,"date":"2021-06-22T14:51:50","date_gmt":"2021-06-22T18:51:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570618"},"modified":"2021-06-22T14:51:51","modified_gmt":"2021-06-22T18:51:51","slug":"gamestop-shares-jump-9-investment-firm-closes-main-fund-after-heavy-losses","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gamestop-shares-jump-9-investment-firm-closes-main-fund-after-heavy-losses\/","title":{"rendered":"GameStop Shares Jump 9%, Investment Firm Closes Main Fund After Heavy Losses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgamestop-shares-jump-9-investment-firm-closes-main-fund-after-heavy-losses%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570618&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/02\/GettyImages-1298961483-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Shares for video game retailer GameStop spiked nearly 9% as markets opened on Tuesday morning.<\/span><\/p>\n<p><span>The firm <\/span><a href=\"https:\/\/news.gamestop.com\/news-releases\/news-release-details\/gamestop-completes-market-equity-offering-program-0\"><span>announced<\/span><\/a><span> that it successfully sold 5,000,000 shares of stock to generate $1.13 billion, which executives will use for \u201cgeneral corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.\u201d<\/span><\/p>\n<p><span>The company\u2019s stock is now trading at over $220 per share. In August of 2020, shares sold for less than $5 each.<\/span><\/p>\n<p><span>CNBC <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/06\/22\/gamestop-jumps-9percent-after-the-original-meme-stock-cashes-in-again-with-1-billion-share-sale.html\"><span>reports<\/span><\/a><span>:<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>This is the second stock sale that GameStop has conducted since the company became a star on Reddit\u2019s WallStreetBets forum\u2026 GameStop sold 3.5 million additional shares in April and raised $551 million.<\/span><\/i><\/p>\n<p><i><span>Investors have been encouraged by the moves and looked past the dilution of their stakes as GameStop took advantage of its monstrous rally this year to speed up its e-commerce transformation. The stock has advanced over 1,000% in 2021.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Yesterday, the Financial Times <\/span><a href=\"https:\/\/www.ft.com\/content\/397bdbe9-f257-4ca6-b600-1756804517b6\"><span>reported<\/span><\/a><span> that White Square Capital \u2014 a London-based hedge fund that bet against GameStop \u2014 shuttered its main fund after suffering double-digit losses since January.<\/span><\/p>\n<p><span>The retailer recently <\/span><a href=\"https:\/\/www.dailywire.com\/news\/gamestop-poaches-its-new-ceo-and-cfo-from-amazon-looking-to-compete-in-e-commerce-space\"><span>hired<\/span><\/a><span> former Amazon executives Matt Furlong and Mike Recupero to serve as CEO and CFO, respectively. The company announced in a press release that it would seek to \u201cactively pursue senior talent with gaming, retail, and technology experience.\u201d<\/span><\/p>\n<p><span>GameStop made a stir on Wall Street in January after users on a Reddit group called WallStreetBets decided to collectively purchase shares. The intention was to <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-gamestop-controversy-what-you-need-to-know\"><span>create<\/span><\/a><span> a \u201cshort squeeze\u201d \u2014 a scenario in which institutional investors betting against the stock would be forced to take heavy losses as prices soared.<\/span><\/p>\n<p><span>Several business moguls were <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-4-business-moguls-cheering-for-the-little-guys-in-the-gamestop-fiasco\"><span>thrilled<\/span><\/a><span> that small investors were humbling Wall Street.<\/span><\/p>\n<p><span>\u201cOld days where a hedge fund manager could quietly short a stock, then publish negative research and take a bullhorn to it in the media are over,\u201d tweeted Canadian entrepreneur Kevin O\u2019Leary. \u201cThey now run the risk that the power of the crowd will turn on them and squeeze their heads like a teenage pimple. I\u2019m good with it!\u201d<\/span><\/p>\n<p><span>\u201cHere come the shorty apologists,\u201d \u201cgive them no respect,\u201d \u201cGet Shorty,\u201d Tesla and SpaceX CEO Elon Musk said about those defending the hedge funds that shorted GameStop.<\/span><\/p>\n<p><span>\u201cWe are going to crash those stocks so all our hedge fund billionaire friends can get out and not get killed is one of the most remarkable, illegal, shocking robberies in history,\u201d said Barstool Sports founder Dave Portnoy after popular trading platform Robinhood disallowed purchases of GameStop shares.<\/span><\/p>\n<p><span>Some lawmakers asked federal agencies to more closely regulate \u201cmarket manipulation\u201d that arose from meme stocks.<\/span><\/p>\n<p><span>In a <\/span><a href=\"https:\/\/www.dailywire.com\/news\/elizabeth-warren-calls-on-sec-to-investigate-potential-market-manipulation-cautions-against-internet-trading-schemes-a-flash-mob-with-money\"><span>letter<\/span><\/a><span> to the Securities and Exchange Commission (SEC), Sen. Elizabeth Warren (D-MA) said that she was \u201cdeeply concerned that these casino-like swings in the value of GameStop and other company shares,\u201d which represented \u201cyet another example of the gamesmanship that interferes with the \u2018fair, orderly, and efficient\u2019 function of the market, raising obvious questions about public confidence in the market and those trading in it.\u201d<\/span><\/p>\n<p><span>\u201cI am writing to seek information on how the SEC intends to address these concerns and prevent these and future incidents of potential market manipulation,\u201d said Warren. \u201cHedge funds, such as Melvin Capital Management, have bet that GameStop\u2019s shares would fall in the hopes of reaping substantial profits.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares for video game retailer GameStop spiked nearly 9% as markets opened on Tuesday morning.The firm announced that it successfully sold 5,000,000 shares of stock to generate $1.13 billion, which &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280990,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/02\/GettyImages-1298961483-1200x800-1.jpg","fifu_image_alt":"GameStop Shares Jump 9%, Investment Firm Closes Main Fund After Heavy Losses","footnotes":""},"categories":[],"tags":[],"class_list":["post-570618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/02\/GettyImages-1298961483-1200x800-1.jpg","fifu_image_alt":"GameStop Shares Jump 9%, Investment Firm Closes Main Fund After Heavy Losses","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=570618"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280990"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=570618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=570618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=570618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}