News about Steven A. Cohen

According to a recent study, Melvin founder Gabe Plotkin (main) told investors that after the fund lost $6.8 billion by betting against GameStop shares during the downturn. Melvin was one of Wall Street's most profitable hedge funds prior to January 2021, when the fund lost billions in a war of wills against an army of small investors on the Reddit forum WallStreetBets. Melvin was their arch-nemesis for taking out significant short positions in their beloved GameStop, a market segment that could return the fund a profit if the struggling video game retailer's share price had dropped.