Andrew Left, Founder and CEO of Citron Research
Adam Jeffery | CNBC
Citron Research, which was forced to close its short position in GameStop amid frenzied retail buying, announced on Friday that it will no longer publish short reports and will instead focus on long positions.
“After 20 years of publication, Citron will no longer publish ‘brief reports’,” the company said in a tweet. “We will focus on providing long-side multibagger opportunities for individual investors.”
Citron Research short seller and founder Andrew Left said earlier this week that after speculative retailers drove GameStop’s shares high, he had covered most of his short position in the video game retailer at a loss. He previously said GameStop would “quickly” fall back to $ 20 a share and provoked attacks from the “angry mob” who own the stock.
“20 years ago I founded Citron with the intention of protecting individuals from Wall Street, fraud and the stock market was all over,” Left said in a YouTube video on Friday. “Where we started Citron should be against the establishment, we actually became the establishment.”
“As of today, Citron Research will stop posting short sales,” added Left. He said the company will now focus on long investor opportunities.
In 2020, the Citron Fund’s performance showed its long recommendations rose an average of 121% from the date they were recommended to the peak of a stock, Left said.
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