Andrew Left Returns to the Battlefield with a Smaller Bet
The latest surge in GameStop Corp (GME) shares has drawn a prominent critic of the meme-stock phenomenon, Andrew Left, back into the fray with a fresh short position. Left, the founder of Citron Research and a notable figure from the 2021 meme-stock saga, has placed a new bet against the video-game retailer, whose stock skyrocketed by 75% on Monday.
The stock’s meteoric rise followed an announcement from Keith Gill, an influential investor known as DeepF—ing Value on Reddit, revealing his stake of five million GameStop shares. This news spurred a frenzy among retail traders, reminiscent of the initial meme-stock explosion. In May, Left had already taken a short position against GameStop, which he covered before re-shorting the stock following its recent rally. Left disclosed his latest short position in an interview with Bloomberg but did not reveal its size, noting only that it was smaller than his previous bets.
GameStop’s sudden spike at the start of trading added approximately $6 billion to its market capitalization, triggering a temporary trading halt due to volatility. While the stock’s gains moderated after trading resumed, it remained up by more than 30% by early afternoon on Monday, though still far below its peak closing price of $86.88 on January 27, 2021.
The revival of interest in meme stocks can be traced to Keith Gill’s return to social media, where he continues to energize retail investors. Posting under the alias “Roaring Kitty” on X, Gill’s influence was evident in the trading surge following his June 2 post about GameStop.
Left, who suffered significant losses during the previous meme stock episode, expressed no personal animosity towards GameStop, describing it as more of a trading vehicle than a traditional company. Despite past setbacks, including a U.S. Justice Department investigation into short selling by hedge funds and research firms, Left has cautiously resumed his practice of publishing short selling research.
“I don’t have any ill will towards the company,” Left remarked. “It’s not even a company, it’s a trading vehicle.”
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