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BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy
deleted.comBlackRock Inc, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop Corp as retail investors pour money into the video-game retailer's shares. Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December. GameStop's stock has surged nearly 700% in the past two weeks in a rally fueled by interest from amateur investors on Reddit, forcing hedge funds to retreat from heavy losses and sparking calls for scrutiny of the social media-driven trading frenzy.
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Those are unrealized gains, and BlackRock likely isn't going to liquidate it's entire holdings because the price went up, unlike the WSB people. BlackRock is buying to own assets that they feel are undervalued, WSB is looking for a risky quick buck.