Citron halts 20 years of short-sell analysis after GameStop woes
Steven Crabill, Bloomberg News VIDEO SIGN OUT
Citron Research said it will discontinue offering short-sell analysis after 20 years of providing the service.
âWe will focus on giving long side multibagger opportunities for individual investors,â the firm said Friday in a tweet.
Citron made the decision after battling with day traders over GameStop Corp. Earlier this month it suspended a scheduled live stream aimed at explaining its position on the company due to âtoo many people hacking Citron twitter.â
Citron Research discontinues short selling research After 20 years of publishing Citron will no longer publish âshort reportsâ. We will focus on giving long side multibagger opportunities for individual investorshttps://t.co/gP9HXzo7Nf
Video game retailer GameStop's stock rose by nearly 70 percent on Friday causing a halt in trading. The price spike in the company’s market value was attributed.
In a bizarre turn of events, a short-seller Citron Research accused “angry mob who owns GME stock” of “commuting multiple crimes”, saying he will be turning to FBI, SEC and “other governmental agencies” to protect him and his family.
The move comes days after Wall Street Bets (WSB), a 1.9 million strong community where participants discuss stock and option trading, promoted Gamestop (GME) stock to new multi-year highs, while on other side Citron Research decided to protect short interest.
It all escalated on Thursday when Andy Left of Citron Research decided to post a video on Twitter explaining to his followers why investors should stay away from GME stock, and why it will go back to $20.
Citron's Left: I'm Going Quiet On GameStop After "Angry Mob" Committed "Multiple Serious Crimes" zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Andrew Left of Citron Research took to Periscope yesterday to try and layout his short thesis on GameStop, which he claims is going back to $20 per share.Â
But instead of completing his video informing the public of his investment thesis, Left found out first hand the madness of crowds when he set off many GameStop bulls in the WallStreetBets subreddit, who took to the web to make pests of themselves during his video.Â
Left was then forced to stop his stream, explaining on Twitter that too many people were trying to access his Twitter account at the time. Twitter locked his account as a precaution, Bloomberg reported Thursday night, and eventually had to work with Left to get it reinstated.Â