Matt Levine, Columnist

Sometimes Andrew Left Was Right

Also private credit is securities fraud, semiannual reporting, bug bounties, legal fees and an investment banking simulation.

May 18, 2026 at 6:10 PM UTC

By Matt Levine

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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Andrew Left is an activist short seller with a following on social media, where he goes by Citron Research. In 2024, he was arrested and charged with criminal market manipulation; his trial started last week. The theory of the US Department of Justice and the Securities and Exchange Commission is essentially that Left was doing a pump-and-dump scheme in reverse:

Or sometimes the other way, with stocks he was long.