Andrew Left, founder and CEO of Citron Research
Adam Jeffery | CNBC
Citron Research, which was forced to close its short position at GameStop amid a frenzy in retail buying, said Friday that it will no longer publish short reports and will instead focus on long positions.
“After 20 years of publishing Citron will stop publishing ‘short reports,'” the firm said in a tweet. “We will focus on providing multi-platform opportunities for individual investors.”
Andrew Left, short seller and founder of Citron Research, said earlier this week that after speculative retailers increased GameStop shares, it covered most of its short position in GameStop with losses. Previously, he said GameStop would return to $ 20 per share “quickly” and summoned the attacks from the “angry mob” that owns the shares.
“20 years ago I started Citron with the intention of protecting the individual against Wall Street, against fraud and securities promotions were over,” Left said in a YouTube video on Friday. “Where we started Citron was supposed to be against the establishment, we actually became the establishment.”
“So, starting today, Citron Research will stop publishing what can be considered short sale reports,” Left added. Left said the firm will now focus on long-term opportunities for investors.
In 2020, the performance of the Citron fund said its long-term recommendations increased an average of 121% from the recommendation date to the highest point of the shares, Left said.
Subscribe to CNBC PRO for exclusive information and analysis and live scheduling of weekdays from around the world.