--- My friend Andrew Left of Citron Capital, who was up 155% last year, was publicly short GameStop, so I called him last night to ask for his thoughts. He had plenty – and gave me permission to share them:
The market has come to its lowest form. This is even crazier than Tilray (TLRY) [see below] and Tesla (TSLA). The Reddit crowd apparently said, "Let's find a company that's completely dead – and because everyone knows that, there's a big short interest – and engineer a short squeeze."
There's not a five-year-old in the country who can kick my ass… but 1,000 of them probably could. That's what happened here.
Even so, my losses have been minimal – and I'm making it back by selling ridiculously priced calls. For example, when the stock was at $75 today, I was getting paid $18 for $90 strike calls and $14 for at-the-money calls that expire on Friday! If you're a professional player, you adjust to the market to make money off it.
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If he did what he said, he definitely lost. Might have had a stop-loss.
I mentioned that quote from someone that thought in the same lines as the OP, had more money and was a professional in the area, and still lost his shirt - twice.
