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Famed investor Michael Burry sold his entire position in GameStop Corp. after the gaming retailer made an offer to buy e-commerce company eBay Inc. for about $US56 billion in cash and stock.
Made famous in The Big Short, Burry had helped fuel GameStop’s rally by taking a bullish stance on the firm around 2019. However, the investor told subscribers of his Substack newsletter on Monday that he’d exited, citing concerns about the debt the company could take on for an acquisition.
“I sold my entire GME position,” Burry said. “Any which way I sliced it, the Instant Berkshire thesis was never compatible. ” GameStop had offered $US125 per share in cash and stock for eBay that is several times larger. Burry said GameStop is his first sale since starting the newsletter.
The company’s shares fell more than 2 per cent in postmarket trading. The GameStop sale marks the latest move among Burry’s publicised stock transactions. He recently posted about buying puts on the iShares Semiconductor ETF, a new position.
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