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27 Jan 2021 | 12:17

Melvin Capital said to have closed out short position in GameStop

(Sharecast News) - US investment manager Melvin Capital reportedly closed out its short position in video game retailer GameStop on Tuesday afternoon. Manager of the fund Gabe Plotkin told CNBC journalist Andrew Ross Sorkin on Wednesday that the position was closed out after taking a huge loss.

CNBC said it could not confirm the amount of losses that Melvin Capital took on the short position.

At 1215 GMT, GameStop shares were up 74% in pre-market trade at $257.00, paring gains on the news, having trading above $300 earlier.

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