As the Reddit-infused GameStop trading saga was going on, and the stock rose over 1,600% in the past month, were you wondering who was getting rich? Whoever was able to buy stock early in the frenzy and let it ride for a couple weeks had to be huge winners, right?
Absolutely, and there’s a group of nine investors who literally made a billion dollars or more in the month of January off GameStop stock. The group included large institutions that run funds, like Fidelity FMR, BlackRock, and other big-time investors who were able to position themselves in the right spot, including Ryan Cohen, the co-founder of Chewy.
Investor’s Business Daily did an analysis of the most current holdings and reported on their findings on the billion dollar profits.
According to the report, those nine investors made a total of $16 billon on GameStop stock in January. Cohen is the single-largest individual owner of GameStop shares. At one point he owned 9 million shares, which was 13% of the shares outstanding at the time. His take was estimated by Investor’s Business Daily as being around $2.9 billion. Cohen is interestingly enough also on the GameStop board of directors.
Overall, Fidelity FMR owned the most GameStop shares. They controlled 9.5 million shares and made roughly $3 billion for their investors. BlackRock’s clients should be happy, as that fund cashed in $2.7 billion, and Vanguard made $1.7 billion.