Andrew Tate, a former kickboxer known for his controversial online presence, has said on social media he sold $500,000 worth of the flagship cryptocurrency Bitcoin (BTC) to join the current meme stock trend and invest in GameStop (GME) in a bid to cripple a hedge fund manager betting against it.
In a series of videos on the microblogging platform X (formerly known as Twitter), Tate said that there’s a “hedge fund manager out there who’s going to lose $13 billion – his entire hedge fund – if the GameStop price opens at the current price.”
Tate’s motivations appear to be tied to a meme stock trading frenzy recently ignited that’s seemingly looking to mirror the 2021 meme stock frenzy that saw a $13 billion hedge fund, Melvin Capital, close its position on GME and accept significant losses on it.
The recent meme stock trading frenzy started after a trader central to the 2021 movement, Keith Gill, known on X as RoaringKitty and DFV on Reddit, after he returned to social media from a three-year hiatus that ended after his testimony in Congress.
In a series of videos on social media, Tate noted that he is “going all-n, maximum leverage, all-in on all these stocks,” adding “we are taking down Wall Street, we’re going to take them down ourselves.”
Tate maintained that financial gain is secondary, prioritizing the downfall of the unnamed hedge fund manager. This renewed interest in GameStop stock has sent its value skyrocketing, with the company’s stock price surging more than 200% over the last few days to now trade close to the $50 mark.
AMC, another meme stock, saw its value surge nearly 120% over the same period. The meme stock frenzy extends beyond traditional markets, however, as an unofficial Solana-based mem coin inspired by GameStop has witnessed even more dramatic gains.
In a follow-up video, Tate doubled down and said he is cashing in $6 million worth of cryptocurrencies in a bid to take on Wall Street hedge funds and said he is “prepared to lose everything.”
Featured image via YouTube.
