What happened: Following the announcement of the divorce of Microsoft Corporation (MSFT) co-founder Bill Gates and his wife Melinda Gates on Monday, Reddit r / GME board members discovered an almost two-month-old post from user Jobom3 that linked a spike of GameStop shares borrowed from the possibility for billionaires to prepare for their divorces, as first observed by MarketWatch.
A March 11 Reddit post noted that more than one million GameStop shares had been borrowed from exchange-traded funds (ETFs) on the pre-market. The move was seen as yet another confrontation in the ongoing battle between hedge funds trying to sell GameStop and investors who wanted to prove the company is fundamentally undervalued.
In response, Jobom3 said, “I think they are just buying time to secure their personal assets. Move them abroad or divorce their wives and put the money in their name. Stuff like that. “
Reddit board members credited Jobom3 with predicting the Gates’ divorce and noted that the divorce supported their speculation that some wealthy GameStop short sellers are battling short-term pressure to protect their assets from the possibility of a market implosion.
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Why is this important: Starting a company like Microsoft helped Bill Gates build great wealth along the way. Gates left Microsoft in 2008 to focus on his philanthropic efforts.
In 2000, Gates and Melinda founded the Bill & Melinda Gates Foundation, which is the world’s largest private charitable foundation with an endowment in trust of $ 49.8 billion.
The foundation’s last regulatory filing revealed holdings, as of December 31, 2020, in Amyris (NASDAQ: AMRS), Atreca (NASDAQ: BCEL), BioNTech SE (NASDAQ: BNTX), Curevac NV (NASDAQ: CVAC) and Pour Biotechnology Inc. (NASDAQ: VIR). However, the deposit does not show any ownership of GameStop shares.
Price action: GameStop stock closed 0.9% lower in Tuesday’s regular trading session at $ 160.73, but added 0.7% in the after-hours session at $ 161.89.
Read more: 5 things you might not know about Bill Gates
Photo courtoisie: EPIC via Wikimedia
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