'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.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
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.
- JPMorgan's Jamie Dimon says he isn't afraid of China, but would leave if the US government told him to
- Charlie Munger once said he and Warren Buffett weren't interested in emulating Elon Musk: 'We don't want that much failure'
- Instagram's crisis highlights the bigger issues the entire ad industry is facing
- Over 60 schools in and around Bengaluru receive bomb threat, students evacuated safely
- TVS Motor Co sales rise 31% to 3,64,231 units in November
- Johnny Depp unknowingly taught Ranveer Singh the craft of acting
- Midcap index rising for last 21 sessions, hitting fresh highs since November 16
- Global smartwatch shipments up 9% in Q3, Fire-Boltt & Huawei hit new highs: Report