:max_bytes(150000):strip_icc()/GettyImages-103877666-416ad707c3c547c1bb18b9b7e2eadc32.jpg "‘Big Short’ Investor Michael Burry Says He’s Betting on This OG Meme Stock")
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Key Takeaways
- Shares of GameStop surged Monday after famed investor Michael Burry reportedly revealed a stake in a Substack newsletter.
- Burry, best known for predicting the 2008 crash, said he believes GameStop CEO Ryan Cohen is raising cash to “make a big buy of a real growing cash cow business.”
An OG meme stock just got a vote of confidence from a famous investor.
Michael Burry, the former founder and CEO of Scion Asset Management—who inspired the film and book “The Big Short” and is best known for predicting the 2008 financial crisis—said he’s now putting his weight behind a $10 billion video-game and trading-car retailer: GameStop (GME).
“I own GME. I have been buying recently,” Burry wrote in his Substack newsletter Monday, according to CNBC. Burry could not be reached in time for publication.
Why This Is Significant
Burry’s backing could help boost confidence in shares of GameStop, which has struggled to reinvent its business as falling sales have pressured it to shutter stores.
Shares of GameStop jumped more than 4% Monday following the post, extending a recent rally. The shares have added about a fifth of their value in 2026, though they remain well off the early 2021 highs that marked the height of the meme-stock craze.
Burry reportedly said in his post that he believes GameStop CEO Ryan Cohen “has a crappy business, and he is milking it best he can while taking advantage of the meme stock phenomenon to raise cash and wait for an opportunity to make a big buy of a real growing cash cow business.”
The company has so far made forays into expanding its collectibles business and buying up Bitcoin as part of its efforts to redefine its strategy.
Gamestop shares got a boost last week after a regulatory filing showed Cohen bought up 1 million shares of GameStop.
Burry, for his part, late last year discussed a shift to “better things” after appearing to step back from his hedge fund. His Substack—it goes by “Cassandra Unchained,” the same name by which he for years has gone on X—now has more than 200,000 subscribers and, it says in its description, “is now Dr. Michael Burry’s sole focus.”
