Scion Capital founder Michael Burry on Tuesday criticized investors that have concerted to fuel a rally in the shares of game retailer GameStop Corporation GME.
What Happened: The hedge fund manager aired his displeasure at the short squeeze on Twitter.
If I put $GME on your radar, and you did well, I’m genuinely happy for you. However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous. @SEC_Enforcement
— Cassandra (@michaeljburry) January 27, 2021
Burry also tagged the Securities and Exchange Commission’s enforcement arm in his Twitter post.
The physician-investor is known for “The Big Short,” a film in which he was played by Christian Bale. The movie is based on his bet against the US housing market.
Why It Matters: Burry owned 1.7 million GameStop shares worth $17 million at the end of September, reported Business Insider. The shares would be now worth $250 million, which is a 1,400% increase, as of Tuesday’s close.
GameStop shares surged over 41.5% in the after-hours session after Tesla Inc TSLA CEO Elon Musk tweeted “Gamestonk!!” on Tuesday.
Musk also included a link to the Reddit forum r/WallStreetBets that has pushed the retailer’s shares higher and put pressure on short sellers.
See Also: GameStop's Power Surge: Will WallStreetBets Or The Short Sellers Come Out On Top?
As of Tuesday’s closing, GameStop shares have returned 678.84% since the beginning of the year,
Price Action: GameStop shares closed 92.71% at $147.98 on Tuesday and spiked 41.58% in the after-hours session to $209.51.
Photo courtesy: Oxiq via Wikimedia
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.