/biz/ - Business & Finance

>>27274249
>Burry’s hedge fund Scion Asset Management disclosed it bought 5.3% of ailing video game retailer GameStop at between $2 and $4.2 a share, spending about $15 million in total. Burry’s play was to urge GameStop to use its cash to buy back stock, potentially retiring about half of its shares outstanding. In a sharply worded letter to GameStop’s board of directors, Burry called for the company to exhaust its $300 million buyback authorization. At the time of his letter GameStop’s entire market cap was just $300 million.