A high-profile investor in
The stock’s recent rise has been called “unnatural, crazy and dangerous”.
Investor Michael Bury, head of Scone Asset Management and a lead character The big short A deleted post stated that the book and film
They believe that what is happening with GameStop trading should have legal consequences. Barry invested enough on GameStop in 2019 and noted that he is happy for investors who made money after their initial investment in the retailer.
“If I put $ GME on your radar, and you did well, I’m really happy for you,” he wrote in a quick-delete tweet on Tuesday. “However, what is going on now – there should be legal and regulatory consequences. It is unnatural, insane and dangerous.”
Barry told Baron’s In an email that he deleted the post because he tagged the wrong SEC enforcement account. After publication, Barry Reposted the same comment, This time tagged with the appropriate account.
Gametop stock is up more than 3,415% in the last 12 months, triggering a wave of enthusiasm from retail investors and crushing short sellers. The stock’s high-interest short interest was targeted by speculative traders on Reddit’s WallStreetBets forum. It has been a favorite among that crowd for months, and his faith paid off big time. This month’s growth was initially called off by an announcement that Chevy co-founder Ryan Cohen and two former executives of the e-commerce firm would join Gametop’s board. Gametop holds about 13% of shares in Cohen’s RC Ventures.
In August of 2019, when Gametop shares were down to $ 4 a share, it disclosed a 3% stake in the company. Barry thought the shares were undervalued, pointing to Gametop’s balance sheet and predicting that the next generation of videogame consoles, despite being out in late 2020, would be included in the disk drive, of Gametop’s relevance. Will expand
According to SEC filings, during the September quarter of 2020, Barry’s firm sold more than one million shares of GameStop, or 38% of its stake. Barry did not immediately return a follow-up email asking if he still held the shares.
Barry’s investment has proved wildly successful for those who followed him in the past week. GameStop stock closed up 92% at $ 147.98 on Tuesday, and the shares flew higher after hours after an outcry from Tesla CEO Elon Musk.
Gametop representatives did not immediately request comment on the stock move.
Write to Connor Smith at [email protected]