An Asian billionaire has pledged to buy $10 million worth of Gamestop stock.
Tech entrepreneur Justin Sun announced the move on Twitter on 29 January.
“$1 Mil doesn’t seem enough, I’ll be buying $10 Mil $GME instead tonight from Asia when market opens! It’s time to unite & squeeze out those greedy hedge funds! Wallstreetbets, 4 billion Asian community & 20 mil $TRX community supports u! Let’s do this!” Sun tweeted.
Enclosed in the tweet was a screenshot from Wallstreetbets which said “Justin Sun (Asian billionaire) has our back and is joining in.
Gamestop stock has been rallying as retail investors face off against hedge funds which have been heavily shorting the stock.
Earlier today Citron Research’s Andrew Left caved to the pressure and announced that the company will no longer write short selling reports.
At its highest Gamestop’s stock price reached $483 – a 2700% increase from the beginning of January.
Sun is the founder of cryptocurrency platform TRON and current CEO of Rainberry, Inc. The Chinese entrepeneur is also the former chief representative of the Greater China area of Ripple, and is the founder and CEO of mobile social app.
Gamestop’s stock price closed at $320 on market close on Friday.
$1 Mil doesn’t seem enough, I’ll be buying $10 Mil $GME instead tonight from Asia when market opens! It’s time to unite & squeeze out those greedy hedge funds! Wallstreetbets, 4 billion Asian community & 20 mil $TRX community supports u! Let’s do this! 💪🏻@WSBChairman @wsbmod pic.twitter.com/d494a77RNq
— Justin Sun🌞 (@justinsuntron) January 29, 2021
