Michael Burry Just Dropped His GameStop Position After They Made This One Wrong Move
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Did they really think they could buy eBay?
Michael Burry, the investor made famous in The Big Short, just sold his entire position on GameStop, bringing to an end one of the greatest crossover episodes of all time.
Since 2019, Burry has been involved in the GameStop saga, but after the game retailer’s CEO, Ryan Cohen, suggested they could buy eBay for $56 billion, Burry pulled out and GME’s stock plummeted 10%.
Come on guys, everyone knows you should only make your final bid in the last minute.
Burry’s retreat was announced on his Substack newsletter, ‘Cassandra Unchained,’ in which he explained that GameStop is simply going to be saddled with a lot of debt should the deal go through.
“Wall Street does indeed mistake debt for creativity, and does so constantly,” Burry wrote. “I of all people should have known.”
Burry does, however, “support the effort” to combine the platforms and capitalize on the billion-dollar collectibles market. He just doesn’t think GameStop’s financial structure can take the weight.
And hey, this might all be hypothetical anyway, as eBay will likely “reject GameStop’s offer out of hand” according to Burry.
So what you’re saying is… so you’re saying that this deal is already… dead and Burry-ed?
Alright, alright, I’ll let myself out…
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