- Stocks like Gamestop and AMC have risen in the past few days due to unified efforts by retail investors from countries like Reddit and 4chan.
- Billion dollar hedge funds that sliced these stocks are bleeding funds.
- Money manager Leon Cooperman appeared on CNBC to share his opinion, and he wasn’t happy when he proved these financial anarchists get on him.
Reddit’s WallStreetBets appear to incriminate billionaire Leon Cooperman.
And it should be.
The CEO of the Omega Family Office has been collecting money from truckloads since his hedge fund was founded in 1991. And he hasn’t always done that with integrity.
His appearance on CNBC today is full of hypocrisy, and it seems that Leon Cooperman doesn’t like the taste of his own medicine.
Leon Cooperman has a mini meltdown on CNBC
Leon Cooperman goes viral. And that’s mainly due to his memorable sound bytes from his last CNBC gig.
One of its highlights is the label “fair share” as the “Bulls% $ t concept”.
He said it was “a way to attack wealthy people”. Cooperman said recent rises in stocks like Gamestop and AMC were “inappropriate” before claiming we should all work together.
Check out the highlights below:
BILLIONAIRE STOCK COPE: Hedge fund investor Leon Cooperman says he is being attacked by poor / medium-sized investors
“People sit at home and get their checks from the government. This “fair share” is a bullshit concept and just one way to attack wealthy people. ” pic.twitter.com/zEWkrUZnBq
– Coping with MAGA (@CopingMAGA) January 28, 2021
And to be fair, a lot of wealthy men like him are definitely feeling the pressure.
According to the Wall Street JournalA handful of large hedge funds fluctuate. D1 Capital Partners fell by around 20% over the course of the year. Point72 Asset Management is down about 10%.
But other companies were hit even harder.
According to sources from The WSJ, Maplelane, which started at around $ 3.5 billion in 2021, is down nearly 45%.
A lot of these companies were short stocks like Gamestop (GME) and AMC, and they definitely felt the pressure. The ethics and implementation of this market action are up for debate, but we shouldn’t feel sorry for people like Leon Cooperman.
Reddit & WallStreetBets targeted people like Cooperman
The inventory fluctuations reported by users of Reddits WallStreetBets, Discord, 4chan, and other social media platforms have been nothing if not effective. It’s unclear whether the main motivation was to put power back in the hands of the people or to play a twisted joke on the rich. It’s probably a combination of the two.
But those market breakers definitely had people like Leon Cooperman in mind when they started the mess.
Cooperman has been a figurehead for the “greedy, unlikely rich guy” archetype for years.
Bernie Sanders even featured him in a video making fun of whiny billionaires:
Bernie 2020 literally posted a video putting the words SAD BILLIONAIRE over Leon Cooperman. pic.twitter.com/9CdTpjHNsk
– People for Bernie (@ People4Bernie) January 28, 2021
As you already know, Leon Cooperman was not a fan of people who got their “fair share”. In fact, he may not even be a fan of getting his own share fairly.
In 2017 the The SEC spoke out against him. And he handled it as “billionaire” as possible. Cooperman paid the SEC $ 5 million and never admitted guilt.
And let’s be clear, these retail investors don’t necessarily despise billionaires. Some of them cheer this revolution. Mark Cuban, who already predicted such an action in Augustsaid this move, “gives the little guy an edge.”
Elon Musk has been cheering this rally all along:
Actually, Cubans themselves went on CNBC To elaborate on why he thinks this is a fair game:
There are many hedge funds out there that have made big bucks on sharply shortened stocks over the years. So I don’t think this is anything else, it’s just the people who do the push, not who we expect them to. And that’s why I like it … it’s a good thing.
Although it’s clearly not good for Leon Cooperman.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.