GSX - Melvin Capital lost 53% in January on bad trades like GameStop - WSJ

January, 31 2021 11:05 AM GSX Techedu Inc. American Depositary Shares three of which representing two Class A

Melvin Capital Management, the hedge fund that became the face of short positions on GameStop (GME) and required a $2.75B cash infusion, lost 53% this month, The Wall Street Journal reports.The losses came not just from the GME short, but from puts on rallying stocks like Bed Bath & Beyond (BBBY), GSX Techedu (GSX) and National Beverage (FIZZ) and longs that struggled like Booking Holdings (BKNG) and Expedia (EXPD).The fund is running $8B, including the $2.75B, down from $12.5B at the start of the year.Leverage is at the lowest it's been since the fund started in 2014 and new and existing clients have signed up to invest money into Melvin tomorrow.In a separate article, the Journal highlighted how much market-making business Citadel, which was part of the $2.75B infusion, handled this past week.Citadel Securities, which the company says is separately managed from the hedge fund, handled 29% of the GameStop

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Melvin Capital lost 53% in January on bad trades like GameStop - WSJ

Company Name:	GSX Techedu Inc. American Depositary Shares three of which representing two Class A
Stock Symbol:	GSX
Market:	NYSE

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