Bloomberg
Reddit Day Trader Army makes Fortunes of the super-rich fat
(Bloomberg) – A horde of traders on Reddit holding themselves to a foothold by searching for heavily shortened stocks is adding billions to the wealth of some of the world’s ultra-rich. GSX Techedu CEO and CEO Larry Chen saw his fortune increase to $ 4.5 billion on Wednesday as shares of Beijing-based online education firm rose 38%, raising its net worth to nearly $ 16 billion has. AMC Entertainment Holdings Inc. rose as retailers in the stock, pushing it up to 310%, even as the broader market fell. It also boosted hedge funds such as Mudrick Capital, which owned 4.6 million shares in the cinema business from 4 January. Ryan Cohen, co-founder of Chewy Inc., has added about $ 1.6 billion to its stake in GameStop Corp., the video game retailer. It rose by more than 1,500% until Wednesday this year. An investor, Donald Foss, founder of credit provider Credit Acceptance Corp., now owns a stock worth more than $ 1 billion, according to the Bloomberg Billionaires Index, even the head of Tootsie Roll Industries Inc. million as the shares of the candy maker rose to a record. The traders of Meteoric RallyDay have picked up in recent sessions in previously unprecedented tickers favored by short sellers, which has driven them to record highs. The meteorite period of GameStop has already weakened some institutional investors, and Melvin Capital closed its short position by Wednesday. The hunt for heavily shortened stocks is led by the Reddit forum WallStreetBets, which boasts about 2.8 million members. Some of the more outspoken have taken an activist stance and proposed their campaign as a stand against social problems such as financial inequality and generational injustice. Gordon owns just over half of Tootsie Roll Industries’ ordinary shares and 81% of its B shares. to the company’s submission. Her stake in the maker of Tootsie Pops, Junior Mints and Dubble Bubble gum, which she owns directly and on behalf of other family members, is now worth more than $ 1.8 billion. Cohen announced an investment in GameStop in August. By December, it had bought 9 million shares in the retailer for a total cost of $ 76 million and now has a stake of almost $ 3 billion. GameStop shares rose 121% to $ 326.38 in New York at 10:50 a.m. after rising to 140% in public, leading to at least two volatility. Jianlin, the founder of the meticulous conglomerate Dalian Wanda Group, now owns a stake of approximately $ 700 million in AMC, which has climbed to $ 20.36 in trading in New York, the most since September 2018. Jianlin has a net worth of $ 13.6 billion, according to the Bloomberg Billionaires Index. (Updates to Larry Chen in the second paragraph.) For more articles like this, please visit us at Bloomberg.com. Sign up now to stay ahead of the most trusted business resources. © 2021 Bloomberg LP