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Meme stock mania is still messing up hedge funds and some of Wall Street’s regular practices

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This illustration photo shows a person checking the GameStop stock on a smartphone on February 17, 2021 in Los Angeles as the Reddit, Citadel, Robinhood and Melvin Capital logos are seen on the background ahead of the virtual hearing involving GameStop stocks.

Chris Delmas | AFP | Getty Images

The GameStop mania has hurt many short-sellers betting against its outdated business model, and now a new cohort of hedge funds are getting burned by the evolving meme stock frenzy.

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