GameStop Corp. (GME) has been quietly bleeding out in 2025, down 25% over the past year and more than 30% in six months. The post-meme reality wasn't pretty. But then Michael Burry showed up on Thanksgiving and reminded everyone that GameStop doesn't do quiet.
The Big Short investor posted on X: "It was complicated with $GME. In some ways, I wasn't really done in 4Q 2019." He included what looked like an internal email exchange with GameStop chairman Ryan Cohen. Within days, the stock popped nearly 5%, retail traders were buzzing again, and GME was trending across social media like it was 2021 all over again.
The timing? GameStop reports earnings on December 9, with analysts expecting 18 cents per share on $987 million in revenue. Not exactly subtle.
The Billionaire Damage Report
Here's the thing about that little rally: it barely made a dent in the carnage. GameStop closed Q3 at $27.28. By November 26, it was at $21.63. That's a $5.65 drop per share, or about 20.7% down since the end of September.
For the hedge fund billionaires who stuck around through Q3, those are real losses:
- Jim Simons (Renaissance Technologies): holding 3.58 million shares, down roughly $20.2 million
- Ken Griffin (Citadel Advisors): 125,000 shares, down about $706,000
- Cliff Asness (AQR): 17,400 shares, down around $98,000
Meanwhile, Steven Cohen's Point72 dumped all 834,000 shares before Q4 even started. That exit is looking smarter by the day.
The Same Old Story
GameStop is exactly where it's been for four years now: caught between true believers and basic math. Burry brought the narrative back to life, retail traders are energized, and the stock is moving again. But on December 9, none of that matters. The earnings numbers will.
What It Means for Investors
Burry just threw gasoline on the GameStop fire. Billionaires are still underwater. Retail is paying attention again.
December 9 is the moment of truth. Either this rally has actual momentum behind it, or we're watching another chapter in a very expensive saga.
One thing's for sure: GameStop is still GameStop. The stock refuses to be boring, even when the fundamentals say it should be.
