GameStop Corp (NYSE: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 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 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 isn't done being GameStop.

Read Next:

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

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