“An elite hedge fund bought 1 million GameStop shares before the meme stock’s 400% surge”

“…Renaissance Technologies owned 1 million shares of the video-game retailer at the end of March, a position worth $13 million at the time, its first-quarter portfolio update shows.

GameStop stock was up more than 400% at its Tuesday high, briefly valuing RenTech’s stake at $65 million if still intact. The stock price has retreated from that peak of nearly $65 to about $33 on Wednesday, which still leaves the company worth more than $10 billion…”

https://finance.yahoo.com/news/elite-hedge-fund-bought-1-151909819.html

Gains don’t matter if they don’t sell. If the stock returns to normal and they don’t sell this doesn’t matter.