Why Billionaire Carl Icahn Is Betting Against GameStop Stock

InvestorPlace2022-11-23

Carl Icahn is reportedly shorting Gamestop(GME).Gamestop lost money in the third quarter and abandoned its gift cards tied toFTX.Icahn’s patience may outlast the meme traders in GME stock.GameStop(...

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Deonc
·2022-11-23
Ok
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3
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V.lye
·2022-11-23
Ok
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senggy
·2022-11-23
Meh
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1
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BotakGuy
·2022-11-23
Ya o the moon ?
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- jakejak3jake:
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  2022-11-23
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Hcee
·2022-11-23
Why does MSM care so much about gme? Unlesssomething something.
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GME stock became a meme trade in early 2021 as small investors rushed to its rescue in reaction to a short squeeze by hedge funds.Icahn, now 86, was a corporate raider in the 1980s but stopped managing money for outside clients in 2011. His Icahn Enterprises(NASDAQ:IEP) is based near Miami Beach, FL, and is down about 1.7% so far in 2022 with a market capitalization of $17 billion.Meme Over?FormerChewy(NYSE: CHWY) co-founder Ryan Cohen became a hero to small traders on Reddit’sr/WallStreetBets in early 2021, leading them against short sellers in GameStop. He eventually took it over. But he lost his halo earlier this year after abandoning his position in Bed, Bath & Beyond(NASDAQ: BBBY) without telling his followers.After Icahn’s continuing position in GameStop became known, anr/WallStreetBetspost emerged of the Bloomberg story placed next toa picture of Cohen and Icahntaken in October. The story noted GameStop is down 76% from its meme stock high, and that Icahn has been shorting the stock since that high. GameStop lost 8.5% of its value on Nov. 21 but recovered slightly in overnight trading. It opened Nov. 22 at about $25 per share.On Stocktwits, users talking about GameStop showed little support for the stock and some support for Icahn. In September, GameStop reported a loss of $108.7 million, or 36 cents per share, for the quarter ending in July on revenue of $1.136 billion, down from the previous year.Under Cohen, GameStop has made a run into collectibles and cryptocurrency. It recently offered refunds on gift cards tied to FTX, the failed crypto trading firm. It still has a non-fungible token (NFT) marketplace.GameStop remains a short squeeze candidate with 53 million of 304 million shares, or 21% of the public float, being held short according to Fintel. Almost 64% of the shares are still held by small traders.What Happens Next for GME Stock?If Icahn has been short all the way down, it shows tremendous patience and good timing since he went short at the top. Time, it seems, is the ally of the shark, not the minnow.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9968875080,"gmtCreate":1669193188640,"gmtModify":1676538165290,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":3,"crmLevelSwitch":1},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968875080","repostId":1165812077,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9968835080,"gmtCreate":1669171772240,"gmtModify":1676538162376,"author":{"id":"4088902048392220","authorId":"4088902048392220","name":"V.lye","avatar":"https://static.tigerbbs.com/7233306780623a2802ebfc0893c0cc52","vip":1,"crmLevel":5,"crmLevelSwitch":1},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968835080","repostId":1165812077,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9968830934,"gmtCreate":1669170580028,"gmtModify":1676538162137,"author":{"id":"3582004017168259","authorId":"3582004017168259","name":"senggy","avatar":"https://static.tigerbbs.com/850ce801d0041986389c91cc81473fca","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Meh","listText":"Meh","text":"Meh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968830934","repostId":1165812077,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9968894921,"gmtCreate":1669170145464,"gmtModify":1676538162074,"author":{"id":"3557831813182222","authorId":"3557831813182222","name":"BotakGuy","avatar":"https://community-static.tradeup.com/news/022cac584c2e108f4c8bfef1e94aa79d","vip":1,"hat":"https://static.tigerbbs.com/f84859c65fc2d7681e28f6b8e9b0535a","crmLevel":6,"crmLevelSwitch":1},"htmlText":"Ya o the moon ?&nbsp;","listText":"Ya o the moon ?&nbsp;","text":"Ya o the moon ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968894921","repostId":1165812077,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104923895,"gmtCreate":1669170164026,"gmtModify":1669170177469,"authorId":3581491815672686,"author":{"id":3581491815672686,"authorId":3581491815672686,"name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9968894921,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Like</span>","text":"<span class=\"s1\">Like</span>","html":"<span class=\"s1\">Like</span>"}],"langContent":"EN"},{"id":9968892257,"gmtCreate":1669169948179,"gmtModify":1676538161912,"author":{"id":"3582091436806594","authorId":"3582091436806594","name":"Hcee","avatar":"https://static.tigerbbs.com/25691c3778284b9d2886651b3876e2a0","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Why does MSM care so much about gme? Unlesssomething something.","listText":"Why does MSM care so much about gme? Unlesssomething something.","text":"Why does MSM care so much about gme? Unlesssomething something.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968892257","repostId":1165812077,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":46,"commentSize":5,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}