Matt Levine, Columnist

GameStop Missed All the Fun

Also buybacks, Bitcoins and Elon Musk proximity pricing.

February 11, 2021 at 5:14 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow, back on Tuesday.

Why didn’t GameStop Corp. sell any stock last month when its price rallied to insane levels due to Reddit-driven retail enthusiasm? I speculated about this question a few times. The U.S. Securities and Exchange Commission speculated about it too, and went so far as to release a sample comment letter that it would have sent to a hypothetical GameStop-like company if it had sold stock during a meme frenzy.