How the GameStop Hustle Worked
Lucy Komisar, 22 June 2021
I have written previously for the Prospect about the frenzy over GameStop (GME), the video game and electronics company. By now, you know the story. Millions of retail investors made the stock soar by over 1,000 percent in January 2021. This brought disaster upon a handful of hedge funds that had bet on GameStop’s stock to drop. According to Markets Insider, one analyst estimated losses in February of roughly $19 billion. The hedge fund Melvin Capital reportedly closed out its position after taking a drubbing of 51 percent. Another fund, Maplelane, lost 40 percent.
Michael C. Bodson: Depository Trust & Clearing Corporation (DTCC) member of the board. He is President and Chief Executive Officer of DTCC. He is also President and Chief Executive Officer of DTCC’s principal operating subsidiaries, DTC, FICC and NSCC and a member of DTCC’s Board of Directors. In his prior position as DTCC’s Chief Operating Officer, Bodson had enterprise-wide responsibility for all Information Technology and Operations and oversaw DTCC Deriv/SERV LLC and EuroCCP. He previously served as Chairman of various DTCC subsidiaries, including Deriv/SERV and Omgeo.