Ackman accumulated a short position on Wednesday of about $1 Billion, stating the stock will fall to zero. Bill Ackman also announced that he had opened a separate bet that GameStop shares would fall in the form of put options.
The hedge fund manager says he plans to take the feud public with a national short campaign and is willing to battle the company for upwards of 5 years before reconsidering.
When asked by our reporters regarding the striking resemblances to his infamous Herbalife short, Ackman responded simply, “hell is coming”.
In other news, the portfolio manager of Melvin Capital was reported to be working as an intern as a sales associate at GameStop.