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Citadel To Pull About $500M From Melvin Capital Following Bad Short Bet On GameStop

Citadel To Pull About $500M From Melvin Capital Following Bad Short Bet On GameStop
Griffin's Citadel had invested $2 billion in January into Melvin Capital Management LP, which was at the center of the GameStop Corp (NYSE:GME) Short Squeeze.

What Happened: Ken Griffin's Citadel LLC and Citadel partners are planning to redeem about $500 million of the $2 billion they invested in Melvin Capital, the Wall Street Journal reported citing people familiar with the matter.

Citadel funds and firm partners are planning to withdraw the money at the end of the third quarter. However, a person familiar with Citadel said it expected to remain a significant investor.

Citadel and Steven A. Cohen's Point72 Asset Management invested $2.75 billion into Melvin's hedge fund. Point72 alone had invested $750 million earlier this year when Melvin's short positions were under attack on Reddit.

According to the report, they both received non-controlling revenue shares in Melvin for three years in return.
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