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GameStop Investor Michael Burry — Of 'The Big Short' Fame — Dubs Rally 'Unnatural, Insane, And Dangerous'

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GameStop Investor Michael Burry — Of 'The Big Short' Fame — Dubs Rally 'Unnatural, Insane, And Dangerous'

Scion Capital founder Michael Burry on Tuesday criticized investors that have concerted to fuel a rally in the shares of game retailer GameStop Corporation (NYSE: GME).

What Happened: The hedge fund manager aired his displeasure at the short squeeze on Twitter. 

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 (NASDAQ: 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

 

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