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Here’s What We Know About The Secretive Hedge Fund Behind The GameStop Story

(Larry Busacca/Getty Images for The New York Times)

Varun Hukeri General Assignment & Analysis Reporter
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Electronics retailer GameStop made headlines in late January after the company’s share price surged more than 1,000% over two weeks — a market frenzy created by an online community of retail investors betting against institutional investors on Wall Street.

GameStop’s existing shares had been shorted nearly 140% with the expectation that the security would decrease in value. The company’s business model of selling physical video games and electronics faced severe disruptions this past year due to the coronavirus pandemic and a surge in digital retail, according to investment forum Seeking Alpha.