Michael Burry took to social media on Tuesday to lay out a caveat on his GameStop Corp. (NYSE:GME) holdings—if CEO Ryan Cohen decides to buy any portion of struggling retailer Bed Bath & Beyond (NYSE:BBBY), Burry would sell his shares.
Burry was short and to the point when expressing his view:
“If Ryan has GME buy any version of BBBY, I am out,” he said on X.
Hours later, Bed Bath & Beyond CEO Marcus Lemonis responded to Burry’s jab.
“Good news @michaeljburry We wouldn’t do it. I do however have a significant amount of respect for you and your perspective,” Lemonis said in a post on X.
GameStop’s Next Move?
In January, Burry disclosed that he was accumulating GameStop shares and likened Cohen’s strategy to Warren Buffett‘s early Berkshire Hathaway playbook.
Cohen also scooped up one million shares in January at roughly $21 apiece, lifting his holdings to about 42.1 million shares, or roughly 9.3% of the company.
Then, in a late January interview, Cohen told The Wall Street Journal he wants to turn GameStop into a $100 billion-plus conglomerate via a “big” acquisition of a public consumer or retail company. He warned the bet could prove “genius or totally, totally foolish.”
GME Price Action
GameStop’s stock has been in a holding pattern since late January as investors wait for more developments. However, GME shares have gained more than 18% year-to-date.
According to data from Benzinga Pro, GameStop shares were up 0.63% at $23.93 in Wednesday morning trading.
Photo: Stefano Chiacchiarini ’74 / Shutterstock
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