Famed short-seller Andrew Left founder of Citron Research, threw in the towel on Friday as he says his firm will no longer be publishing short-seller reports, amid backlash to his recent public skepticism about shares of GameStop Corp.
Left had been publishing negative reports about the video-game retailer prior to the epic surge, calling for the stock to fall 50% when it was trading near the $40 level, he said that GameStop will fall back to $20 a share “fast.”
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Left disclosed this in a tweet according to a tweet on Friday, saying that Citron will focus on providing insight into companies that present long opportunities for investors.
https://twitter.com/CitronResearch/status/1355152873487798274
“Citron Research discontinues short selling research after 20 years of publishing, Citron will no longer publish “short reports”. We will focus on giving long side multibagger opportunities for individual investors”
The move comes after the epic rally on GameStop fueled by retail investors on Reddit.
Left who said he and his family has been receiving threats closed out his short position in the stock according to Business Insider.
In a video posted to YouTube, Left said Citron will publish a long report this Monday.
“After 20 years, we noticed something. Where we started Citron was supposed to be against the establishment. We’ve actually become the establishment,” Left said, adding that “its completely now lost its focus.”
“20 years ago I started Citron with the intention of protecting the individual against Wall Street, against the frauds.
“Where we started Citron was supposed to be against the establishment, we’ve actually become the establishment, adding that “its completely now lost its focus.”
“So as of today, Citron Research will no longer be publishing what can be considered as short selling reports,” Left added. He said the firm will now focus on long opportunities for investors.
Left for more than a decade, had been well known for attempting to expose fraud at larger companies, via lengthy reports and he also makes significant bets that these firms’ shares would decline in value. Left successfully bet against Valeant Pharmaceuticals.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.