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- Well-known short seller Andrew Left of Citron Research will no longer disclose his clumsy comments on GameStop after he and his family were plagued by an ‘angry crowd’ of GameStop investors, according to a letter from Left.
- On the left, his case explained why GameStop shares should drop about 50% of current levels to $ 20 in a video posted on YouTube on Thursday.
- “This is not just naming and burglary, but includes serious crimes such as harassment of minors,” Left said.
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Andrew Left of Citron Research ends his clumsy comments on GameStop after saying an “angry crowd” of investors had plagued him and his family for the past 48 hours. a letter posted on Twitter on Friday.
Shares in GameStop have seen a gravity-challenging surge over the past few weeks, with shares up to 307% year-on-year, based on Friday’s intraday high of $ 76.76.
But Left believes the hype in GameStop is exaggerated and is set out in a video posted on YouTube on Thursday as to why stocks should trade up to $ 20, representing about 50% downside potential from the end of Thursday.
Left is in a tug of war between a new class of retail investors that has flooded the stock market since the start of the COVID-19 pandemic in March. These investors increased on forums like RedStit’s WallStreetBets, which was likely to increase its share by more than 78% on Friday.
Read more: ‘Extremes are getting more and more extreme’: A strategy in Wall Street that sounded the alarm before the 35% crash last year shows the evidence that a similar collapse is imminent
“What Citron has experienced over the past 48 hours is nothing to be ashamed of and a sad comment on the state of the investment community,” Left opened his letter. Left posted his letter to a new Twitter account, @ CitronResearch2, because “Twitter has worked through several hacking attempts,” Left said.
Left said he would not comment on GameStop anymore, not because of a change in his investment thesis on the company, but because a ‘angry mob that owns the stock has committed many crimes over the past 48 hours’, said Left.
Left will hand over evidence to the FBI and SEC, according to the letter, adding that the harassment he received is not just defamation and burglary, but that it includes serious crimes such as harassment of minor children, according to the letter.
“We are investors who put safety and family first, and if we believe it has been compromised, it is our duty to step away from a share,” Left said, concluding his letter with “Family First.”
See the full letter below.
Lemon Research