BlackRock Inc, may have raked in $2.4 billion on GameStop's retail-driven stock frenzy

[Budi]

BlackRock Inc, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop Corp as retail investors pour money into the video-game retailer's shares.

The asset manager owned about 9.2 million shares, or a roughly 13% stake, in GameStop as of Dec. 31, 2020, a regulatory filing showed on Tuesday.

Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December.

https://www.google.com/amp/s/mobile.reuters.com/article/amp/idINKBN29W22T

Thanks Kids!!

[zaj]

1. They would need to sell (which I doubt they could)

Thanks for sharing, because I wondered who might be profiting off this, but if they don't choose to sell, then the framing of this article/headline is really rather pointless.

[5X]

2. What goes up, must come down.

When it does, the short sellers will make more money.

[The Mouth]

3. Short sellers are slime

The more they are hurt, the better.

[Lucky Luciano]

4. Disagreed 1000000%

Shortsellers are policing the markets.

They can put a check on exuberance and also on fraud.

Sometimes shorting is not so much that you think a stock will go down per se, but that it will underperform relative to another. One might buy $X of Google and sell short $X of Microsoft if one thinks Google should outperform Microsoft, but are uncomfortable calling a specific direction. Not unreasonable at all.

Shortsellers are also natural buyers when the market tanks (unless they are manipulative sellers trying to cause a loss of confidence) and can start to be the first buyers after a big enough drop to lock in profits.

Now, shortsellers who don’t care about their execution price, but just want to drive down a price with manipulative selling to cause others to lose confidence (Bear Stearns comes to mind) - yes, that’s scum along with any kind of manipulation.

[The Mouth]

5. Nope

I'm happy as hell to see these bastards get hammered. Right along with the insane gamblers who use margins, may they end up holding 'will work for food' signs.