'Big Short' investor Michael Burry made a 1,500% gain on GameStop during its Reddit-fueled rally
Michael Burrybriefly reached a 1,500% gain on his GameStopinvestment on Monday.
- The "Big Short" investor's 1.7 million shares soared in value to $271 million at the peak.
- GameStop shares surged up to 145% on Monday as day traders piled in.
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Michael Burry is best known as the investor who made a billion-dollar bet against the US housing market and won. His latest victory could stem from an unlikely source: GameStop.
Scion's stake surged in value to $271 million at the peak, representing an almost 1,500% gain for Burry. GameStop shares closed at $148 on Tuesday, valuing Scion's position at around $252 million - a 1,380% gain in less than four months.
Burry, who was portrayed by Christian Bale in the movie adaptation of Michael Lewis' book "
Along with Chewy cofounder Ryan Cohen, Burry has been agitating for changes at GameStop for a while. The Scion boss penned a letter to the company's directors in August 2019, arguing the low stock price and massive short interest suggested a lack of faith in management, and calling for a massive share buy-back.
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