The Reddit-fueled market mania that sent GameStop and plenty of heavily-shorted stocks soaring final month has generally been described as a ultimate example of retail investors sticking it to the Wall Avenue establishment.

But now not each person on Wall Avenue used to be having a guess against GameStop.

Original York-based completely mostly hedge fund Senvest Administration started investing in GameStop previous to it caught fire with worthy of the r/WallStreetBets crowd, and by October 2020, it owned more than 5% of the company, The Wall Avenue Journal reported Wednesday.

Senvest paid below $10 for most of its shares, and after GameStop inventory peaked at more than $400, the hedge fund walked away with a $700 million revenue, one among the ideally suited winners, based completely mostly on The Journal.

By distinction, Reddit user r/DeepF—ingValue, who has largely been credited with igniting the GameStop rally, claims to enjoy made a $48 million revenue.

Learn more: The investing chief at a $200 million hedge fund that earned 300% on its Mattress Bathtub & Beyond substitute says the GameStop mania is ‘honest the commence’ — and shares one other inventory that he believes will equally spike

While Senvest obtained in on GameStop after a compelling presentation by its new CEO George Sherman and the involvement of investor and Chewy founder Ryan Cohen, it obtained out thanks to a tweet fired off by Elon Musk, The Journal reported.

On January 26, after the market closed, Musk simply tweeted “Gamestonk!!

Musk’s tweet helped lengthen the quick-squeeze, sending GameStop’s inventory surging one other 157% when the market reopened the following morning.

Learn more: One chart reveals how Elon Musk can invent a gigantic quantity of wealth with honest his Twitter

“Given what used to be occurring, it used to be laborious to take into consideration it getting crazier,” Senvest CEO and fund manager Robert Mashaal suggested The Journal.

Many hedge funds were hit laborious by the sizzling market frenzy. But even GameStop quick-vendor Melvin Capital, one among the ideally suited losers with losses of 53% in January, indirectly obtained a $2.8 billion bailout from plenty of hedge funds.

In the intervening time, GameStop’s inventory had already dipped inspire down to spherical $92 on Wednesday, and studies are rising of retail investors who offered in unimaginative and enjoy already misplaced huge sums.

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