As GameStop’s stock has continued to be one of the most chaotic of investment topics in 2021, so too has SEC been fervent in its efforts to fully identify actors attempting to manipulate the stock illegally for their own gain. In the course of the year, we have seen trading platforms like Robinhood and popular traders such as Keith “TheRoaringKitty” Gill go under the microscope in congressional testimony. It seems the famed investor and lead of Scion Asset Management Michael Burry was also among those subpoenaed by the SEC in its investigation.
Michael Burry revealed the SEC subpoena that included him in a Tweet on September 24, 2021, as preserved by the Michael Burry Archive Twitter account. According to Burry, he was among those that were subpoenaed by the SEC to testify over ongoing issues in the GameStop stock saga. Burry, who was famously depicted in Michael Lewis’ book “The Big Short” and the movie based on it for predicting a real estate bubble crash in 2007, was heavily invested long on GameStop shares. His stake reached a value of around $17 million until he closed his position in Q4 2020, according to CNBC.
Michael Burry has since deleted the tweet revealing his subpoena, but he’s not the only recent major player to fall under the full attentions of the SEC. Recently, investors Suyun Gu and Yong Lee were charged by the SEC for a fraudulent stock options trade scheme. While GameStop was not explicitly mentioned in the charges, it is safe to say they capitalized on the chaos that was caused by GameStop and further “meme stock” volatility. Just as well, Keith Gill AKA TheRoaringKitty’s former employer, MassMutual was also fined by the state of Massachusetts for failing to monitor his trading activity during the GameStop stock’s most volatile skyrocket.
All the while, GameStop has remained fairly quiet through the whole saga, refusing to allow Q&A sessions in its quarterly earnings results even as it shifts business deeper into e-commerce on the back of its skyrocketed stock value. As Burry apparently is also apparently set to appear before the SEC, it will be interesting to see what, if any, action the SEC takes in regards to the famed investor. Stay tuned to Shacknews as we continue to follow this and further GameStop stock news.
TJ Denzer posted a new article, The Big Short's Michael Burry says he received SEC subpoena over GameStop (GME)
Dayum just swing for the fences