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- Famous short seller, Andrew Left of Citron Research, will no longer release his pessimistic comment on GameStop after he and his family were harassed by a “furious crowd” of GameStop investors, according to a letter from Left.
- Left explained why GameStop’s stock should drop about 50% from its current levels to $ 20 in a video posted on YouTube on Thursday.
- “This is not just swearing and piracy, but it includes serious crimes like harassment of younger children,” said Left.
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Andrew Left of Citron Research is ending his pessimistic comment on GameStop after saying that a “furious mob” of investors has harassed him and his family in the past 48 hours, according to a letter was posted on Twitter on Friday.
GameStop’s stock has seen a gravity-defying rise in the past few weeks, with hikes of up to 307% YTD, based on Friday’s $ 76.76 intraday high.
But Left thinks the GameStop hype is exaggerated and described in a video posted on YouTube on Thursday why the stock should be traded at $ 20, representing about 50% of the potential for downfall from Thursday’s close. -market.
The left is in a tug of war between a new class of retail investors who have flooded the stock market since the beginning of the COVID-19 pandemic last March. These investors have proliferated on forums like Reddit’s WallStreetBets, which probably helped to stage a more than 78% rise in shares on Friday.
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“What Citron has experienced in the past 48 hours is nothing short of shameful and a sad commentary on the state of the investment community,” Left opened his letter with. Left posted his letter on a new Twitter account, @ CitronResearch2, because “Twitter is working on several hacking attempts,” Left said.
Left went on to say that he will no longer comment on GameStop, not because of a change in his investment thesis in the company, but because a “furious crowd that owns these shares has spent the past 48 hours committing various crimes,” said Left.
Left will hand over the evidence to the FBI and SEC, according to the letter, adding that the harassment it received was not just swearing and piracy, “but includes serious crimes, such as harassment of younger children,” according to the letter.
“We are investors who put safety and the family first, and when we believe this has been compromised, it is our duty to abandon an action,” said Left, concluding his letter with “The family first.”
See the full letter below.
Citron Research