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GameStop Short Seller's Deleted X Posts Surface Amid Lawsuit: Market Manipulation Allegations
Andrew Left, a prominent GameStop short seller and editor of Citron Research, is under SEC scrutiny for allegedly manipulating stock prices through deleted X (formerly Twitter) posts.
Key Points:
- Accusations: The SEC claims Left and Citron Research manipulated stock prices for profit.
- Stocks Involved: GameStop, Tesla, Nvidia, Beyond Meat, American Airlines, and more.
- Deleted Posts: Central to the case, suggesting a strategy to influence market movements.
Detailed Allegations:
1. GameStop: During the 2021 short squeeze, Left criticized GameStop, predicting a price drop. Retail investors from r/WallStreetBets countered, causing Left substantial losses. The SEC alleges his deleted posts were part of a broader manipulation scheme.
2. Roku: Left called Roku "uninvestible" on X, deleted the post, and profited $700,000.
3. Beyond Meat: Shorted the stock, posted negative comments, caused a price drop, and made quick profits.
4. American Airlines: Posted a negative assessment after shorting, closed his position within 43 minutes, making $429,000.
5. Tesla and Nvidia: Promoted positions, then quickly sold for millions in profits.
Defense Argument:Left's attorney argues that the posts reflected genuine views with disclaimers against trading based on them, and all information shared was public, not insider knowledge.
Potential Consequences:If convicted, Left faces significant prison time. The trial could highlight the role of social media in stock manipulation and distinguish between legitimate market commentary and fraud.
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