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Bloomberg

Reddit Day Trader Army Fates Super-Rich Luck

(Bloomberg) – A crowd of traders on Reddit who see themselves clinging to the establishment by hunting for huge short stocks are adding billions to the wealth of some of the world’s super-rich. Chen, president and chief executive officer GSX Techedu saw his fortune rise by $ 4.2 billion on Wednesday as US depository shares of the Beijing-based online tuition company rose 36%, bringing his total assets on the Bloomberg Billionaires Index to $ 15.6 billion. happened. Chinese billionaire Wang Jianlin’s assets soared to $ 773 million, his stake in AMC Entertainment Holdings Inc. causing an influx of retail traders, as the stock was up 310% even as the broader market slump. Hedge funds such as Mudrik Capital, which owned 4.6 million shares in the cinema operator on 4 January, also received a boost. KG co-founder Ryan Cohen added nearly $ 1.8 billion with his holding in GameStop Corp., Video-. Game retailer that has grown by over 1,700% this year. Fellow investor Donald Foss, founder of Subprime Auto Lender Credit Acceptance Corp, now owns a stake of approximately $ 1.2 billion, according to the Bloomberg Index. The head of Toesty Roll Industries Inc. benefited, raising CEO Ellis Gordon’s fortune by $ 185 million. The confectioner’s shares rose to a record, while National Beverages Corp founder Nick Caporella saw his net worth rise from $ 1.8 billion to $ 6.8 billion as shares of the Locrix soda water maker climbed 40%. METHORIC RALLIDILLA Traders have been in favor of previously obsolete tickers. By short sellers in recent seasons, driving them to record highs. GameStop’s meteorite rally has already upset some institutional investors, with Melvin Capital closing its short position as of Wednesday. Massive short stock is being hunted by the Reddit forum WallStreetBets, which claims around 2.8 million members. Some more outspoken people have taken an activist stance, their campaign being portrayed as a stand against social problems in the form of economic inequality and generational injustice. Gordon only owns more than half of Tottie Roll Industries’ common shares and 81% of its B shares. To make company filings. His stake in Totsi Pope, Jr. Mints and the creator of Double Bubble Gum, which he owns directly and on behalf of other family members, now stands at $ 1.8 billion. Cohen revealed an investment in Gametop in August. As of December, he bought 9 million shares in the retailer for a total cost of $ 76 million and now holds a stake of approximately $ 3.1 billion. Shares of GameStop rose $ 347.51 to a record $ 347.51 in New York, outpacing three volatility stops. As a close founder of the Dalag Wanda Group, it now owns a stake of approximately $ 1 billion in AMC, which climbed to $ 19.90 in New York business. According to the Bloomberg Billionaires Index, Wang has a net worth of $ 14.4 billion since October 2018. (Updates starting in the second paragraph.) For more articles like this, please visit bloomberg.com to follow us. The most reliable business news source. © 2021 Bloomberg LP

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