A lot of people have tried to jump on the GameStop stock hype train the past couple of weeks. The stock price of the popular retail chain has been all over the place and as of this writing, it’s currently falling down quite drastically. For one popular name in the trading game, though, it seems they were able to get out at just the right time.
Michael Burry, the notable investor who was played by Christian Bale in the 2015 film The Big Short, just happened to be one of those people who cashed out in a big way thanks to GameStop. Burry and his company, Scion Asset Management, actually bought in on GameStop all the way back in 2019. At that point, Burry was able to acquire three million shares that only amounted to being worth $16.56 million. Now, Burry has been able to finally cash out of this position at a gain that is over tenfold what he bought it for.
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Within the past week, Burry sold Scion Asset Management’s GameStop stock to the tune of $271 million in total. While some might be continuing to hold the stock with “diamond hands” with promises of going “to the moon,” it’s hard to argue that Burry didn’t sell at the perfect time.
Even though Burry has once again made out like a king in this situation, much as he did after shorting the housing market back in 2008, he also hopes that those who invested in GameStop did the same. In a message on Twitter that has since been deleted, Burry said he is “genuinely happy” for those that did well throughout this whole situation. However, he also said that what has been going on with GameStop is “unnatural, insane, and dangerous,” and urged for legal and regulatory ramifications to come about. It remains to be seen if any of this happens in the weeks and months ahead as a result of this whole saga.
So did you end up getting swept up in all of this drama over the past week or so for yourself and buy some GameStop stock? And if so, how did you do? Let me know either down in the comments or over on Twitter at @MooreMan12.
[H/T GameSpot]
