GameStop Corp ( GME ) has spent 2025 in a prolonged slide — down 25% over the past year, and more than 30% in the last six months as post-meme-era reality sank in. Yet in true GME fashion, the past five days have delivered a plot twist: the stock has popped nearly 5% — and the spark came from the man who helped ignite the original firestorm.

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On Thanksgiving, Big Short investor Michael Burry resurfaced on X and wrote: "It was complicated with $GME. In some ways, I wasn't really done in 4Q 2019." The post included what appears to be an internal email exchange with GameStop ( GME ) chairman Ryan Cohen — instantly re-triggering retail speculation and sending GME trending across social feeds.

For a stock desperately seeking momentum ahead of its Dec. 9 earnings report (18 cents earnings EPS estimate on $987 million revenue), that timing wasn't subtle.

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Billionaires Are Still Underwater

Even with the latest bounce, the billionaire ledger is painted red. GME closed the third quarter at $27.28. It finished November 26 at $21.63, down $5.65 per share, or –20.7% since Sep. 30.

That translates to steep paper losses for major hedge-fund holders who maintained exposure through Q3:

Jim Simons (Renaissance Technologies): 3.58 million shares → down roughly $20.2 million

Ken Griffin (Citadel Advisors): 125K shares → down about $706K

Cliff Asness (AQR): 17.4K shares → down around $98K

Meanwhile, Steven Cohen's Point72 fully exited, dumping its remaining 834K shares before the fourth quarter began — a move that looks increasingly prescient.

Meme Magic Vs. Margin Math

GME stock now sits exactly where it has lived for four years: suspended between cult-level belief and brutal arithmetic. The storyline is back, thanks to Burry, but fundamentals still rule earnings day.

Investor Takeaway

Burry just reopened the GameStop ( GME ) narrative. Billionaires are bleeding. Retail is re-energized.

And Dec. 9 is now the showdown.

Either this rally has legs — or we're watching the sequel nobody asked for.

One thing's certain: GameStop ( GME ) isn't done being GameStop ( GME ).

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Burry’s Big Short 2.0: From Palantir Hype To Big Tech’s ‘Frauds Of The Modern Era’

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