To the brink and back on GameStop - Wall Street vs Reddit theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Anders Melin
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The bounty hunter of Wall Street has finally met his match.
Andrew Left, whoâs taken on everything from drug companies to Chinese real estate firms, said his Citron Research will no longer publish short selling research, ending the firmâs two-decade run as one of Wall Streetâs best-known contrarians.
Citron will instead focus on what may seem like the only logical move in a world of ever-rising equity markets and low interest rates: long bets.
âTwenty years ago I started Citron with the intention of protecting the individual against Wall Street against the frauds and the stock promotions,â Left said in a video posted on YouTube. Since then, he added, the research shop lost its focus: âWeâve actually become the establishment.â
Leon Black and Jeffrey EpsteinLucy Nicholson/Reuters, New York State Sex Offender Registry
For five years, Jeffrey Epstein advised Leon Black, the billionaire CEO and cofounder of Apollo Global Management.
On Monday, Black announced he plans to step down as CEO of Apollo in July. The announcement came following an independent review of Black s relationship with Epstein by law firm Dechert.
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And while the review found Black wasn t involved in any of Epstein s criminal behavior, it did uncover $158 million in payments from Black to Epstein for a variety of jobs.
Check out seven takeaways from Dechert s report on its investigation. Read more here.
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The stock rose as high as $260, up 76% from the last close of $147.98. That followed Tuesday’s 93% surge, which meant GameStop has risen more than eightfold this month in a dizzying rally fueled by Reddit-charged day traders.
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Following a frenzied session on Tuesday, the stock’s gains reached new extremes outside regular hours after Tesla Inc. chief Musk tweeted a link to a Reddit thread about the company. Famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”
GameStop’s surge has captivated Wall Street and stymied short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also spurred calls for a Securities and Exchange Commission investigation, though experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.
The CEO of Tesla and a billionaire candidate for the California governorship have joined the wild hype around GameStop, a money-losing video game retailer.