GameStop (GME) shares fell after “The Big Short” investor Michael Burry sold his entire stake.
The investor announced the move on its Substack website. He revealed that the sale of GameStop is the first divestment since the launch of the blog.
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Michael Burry exits GameStop stake entirely
GameStop stock closed Monday at $23.84, down 10.14%. GME It continues to decline after business hours trading, down 1.22% to $23.55, Google Finance data shows.
Burry’s exit came after GameStop’s non-binding $55.5 billion offer to acquire e-commerce platform eBay at $125 per share. The offering splits the payment equally between cash and stock, with Ryan Cohen serving as CEO Role in a joint retailer.
The investor first disclosed his position in GameStop in January. However, Cohen’s acquisition drive pushed him away.
“I may not make it through the week with my position in GameStop completely intact,” he wrote in a note. “I would definitely sell to some extent, maybe all or some of it, but unfortunately, no, not nothing.”
Perry books That his Berkshire Hathaway-style scheme for GameStop was incompatible with the leverage Cohen needed to close the eBay deal.
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