(Yahoo!Finance) - Yahoo Finance Live anchors discuss reports that Carl Icahn has shorted GameStop stock.
JULIE HYMAN: Billionaire investor Carl Icahn betting big against GameStop. This is according to a report in Bloomberg, which cited people familiar with the matter. Icahn reportedly started building that short when GameStop was at its peak, at $483 per share. And he still holds a large bet.
Reports say, he's betting GameStop stock isn't trading on any fundamentals and will continue to fall. The retailer has lost roughly 70% of its value since last year's high.
And by the way, he is far from the only person to be shorting this stock. Bloomberg citing, S3-- our friends at S3 Partners who say, that more than a fifth of the stock of the float is sold short. So it's a highly shorted company.
BRIAN SOZZI: And again--
JULIE HYMAN: Not as highly as it was at the peak, though, by the way.
BRAD SMITH: Yeah, right.
BRIAN SOZZI: We should also note, too, we reached out to Carl Ichahn's people. They did not return our requests for comment. This all reportedly that he has had this short position.
But, look, I mean it's a fundamentally awful company. I mean, I know they were getting talked about this week because they came out with a new NFT wallet or a GameStop wallet. I mean, what a worst possible time to come out with that, Brad. Awful.
BRAD SMITH: Yeah, I mean-- well, going into the holiday season. Perhaps that's what they saw.
BRIAN SOZZI: I mean, there also-- I don't know, there's a whole crypto blowup. And this company is pumping NFTs.
BRAD SMITH: Yeah, so the demand for NFT is extremely low. Perhaps at some of the lowest levels we've seen over the past two years at this point.
But you talk about the number of shares that are floated right now and particularly the short interest that is within that, too. As of right now, you've got about 53 million shares that are actually shorted at this point in time. That's about 20% of the overall float that is out there right now. So still way off of that, what, 100
BRIAN SOZZI: Well, it depends where he got in. He's got to be--
JULIE HYMAN: He got at the top.
BRIAN SOZZI: --making some serious money.
JULIE HYMAN: He got in at the top, according to this story, basically. And so if he's cashed out any of that short, he's done well. So continuing Icahn's record, which has been pretty good when it comes to calling--
BRIAN SOZZI: Hard to bet against that guy.
JULIE HYMAN: --things. Yes.
Video - Yahoo Finance Live anchors
November 22, 2022
