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After 20 years, Andrew Left’s Citron Research will no longer issue reports on stock shorting.
Left announced the news via a video on Friday after a week of market upheaval fueled by retail investors buying up GameStop’s stock, in an apparent effort to squeeze short sellers.
On January 19, Left said on Twitter that he believed the stock would go to $20, warning investors to buy at their own risk. Since then, retail investors, particularly those who have congregated on Reddit forum WallStreetBets, have been targeting Left, he has said.
They’ve shown up at his guardhouse, signed him up for a Tinder profile, and have been calling him nonstop, he told
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The stock rose as high as $260, up 76% from the last close of $147.98. That followed Tuesday’s 93% surge, which meant GameStop has risen more than eightfold this month in a dizzying rally fueled by Reddit-charged day traders.
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Following a frenzied session on Tuesday, the stock’s gains reached new extremes outside regular hours after Tesla Inc. chief Musk tweeted a link to a Reddit thread about the company. Famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”
GameStop’s surge has captivated Wall Street and stymied short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also spurred calls for a Securities and Exchange Commission investigation, though experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.
The CEO of Tesla and a billionaire candidate for the California governorship have joined the wild hype around GameStop, a money-losing video game retailer.
The skyward march in GameStop Corp. accelerated Tuesday, its stock nearly doubling during exchange hours and then surging another 50% after being name-checke.