How the rich got richer: Reddit trading frenzy benefited the Wall Street elite

Discussion in 'Wall St. News' started by dealmaker, Feb 10, 2021.

  1. dealmaker

    dealmaker

    Giant mutual funds that own the largest stakes in GameStop saw the biggest gains in value. Hedge funds — some that have started using algorithms to track retail investors on social media sites — appear to have bought and sold millions of shares during the stock’s most volatile period of trading, industry expert said.
    “You better believe the large sophisticated firms in the space have technology to tell them about what’s happening in the world in real time,” Eifert said. He declined to comment on whether QVR took a position in GameStop or specify what technology his firm uses to monitor social media.
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