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Billionaire tech investor Chamath Palihapitiya told CNBC on Wednesday that he closed his position at GameStop the day after entering the video game retailer’s frenzy. He also defended the power of individual investors to compete with Wall Street hedge funds.
The Social Capital CEO and former Facebook executive tweeted Tuesday that he bought $ 125,000 worth of GameStop calling options in February after asking his followers on Twitter what to buy. Calls are derivatives that give the buyer the right to buy a share at a set price. The trader makes money when the stock rises above the strike price. GameStop stock opened on Wednesday at a price of $ 354 per share, up more than 1,550% this year alone.
In CNBC’s Fast Money: Halftime Report on Wednesday, Palihapitiya said, “I closed my position this morning and wanted to announce that I will take all the profits I made plus my original position – I’m going to take $ 500,000 and I’ll donate it. “
