New York’s state retirement fund sold off nearly 600,000 shares of video game retailer GameStop since March, leaving it with about 53,000 shares when Reddit-frequenting investors sent its price skyrocketing this week.
After closing out 2020 at a share price nearing $18.85, GameStop closed on Wednesday at a price per share in excess of $347.50 before dropping to around $240 per share as of mid-Thursday.
New York’s Common Retirement Fund, the third-largest public pension system in the country, had owned 647,000 shares at the end of March when the stock was worth $3.50, state records show.
But by Wednesday, the state pension fund owned just 52,900 shares, according to the state Comptroller’s Office, which manages the retirement system. That means the fund sold off more than 590,000 shares at some point in the last 10 months.
Author(s): Mario Marroquin
Publication Date: 31 January 2021
Publication Site: lohud