Chamath Palihapitiya Says He Exited GameStop Long Position Tech investor Chamath Palihapitiya says he exited a long position in GameStop, apparently via options, earning hundreds of thousands of dollars. He'll donate the proceeds.
Palihapitiya told CNBC Wednesday, “I ended up closing out my position this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position — I’m going to take $500,000, and I’m going to donate it.”
The short squeeze for multiple companies with poor fundamentals began on Friday when Andrew Left, managing partner of short seller Citron, said it was abandoning GameStop because of harassment from bulls.
Before and after his remarks, retail investors have been buying shares of the videogame retailer like there’s no tomorrow.
Billionaire investor Chamath Palihapitiya on GameStop surge and rise of retail investors
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