GameStop $GME ( ▲ 4.16% ) is up more than 3% in premarket trading on Friday after Michael Burry decided to take a nostalgic stroll through his GameStop era. Just after midnight on Thanksgiving, the hedge-fund-manager-turned-Substack-writer posted screenshots of Scion Asset Management’s old letter to GameStop’s board, along with apparent emails from Keith Gill, also known as Roaring Kitty, and Ryan Cohen, now the company’s chairman, president, and CEO.
The stock has been firming up ever since it reclaimed the $20 level earlier this week. Burry originally disclosed his bullish GameStop position back in 2019 and held it through at least the third quarter of 2020. But by the peak of the meme stock craze in January 2021, he publicly called the rally “unnatural, insane, and dangerous” and said he was no longer involved.
Is Burry’s throwback the reason shares are jumping today? Normally this would be a stretch, but GameStop is one of those stocks where nostalgia, entertainment value, and big personalities can move the needle. The ticker is back in the top 20 most mentioned names on SwaggyStocks, has seen the largest jump in Stocktwits chatter compared to the prior session, and Burry’s post is drawing praise on r/Superstonk.
Still, none of this changes GameStop’s long-term fundamentals or future cash flow outlook. But it is Black Friday, and promotional events have helped the retailer before, so sentiment alone might be doing some of the lifting.