One veteran who said he made millions on GameStop was Bill Gross, the retired “bond king” and former star manager at California money management giant Pacific Investment Management Co. As the GameStop frenzy was reaching a fever pitch, the billionaire said his “heart has been with Main Street for many years.” He also warned investors betting on volatility options that they were “fish at the poker table” and “not part of an educated investment mob.”
Mr. Gross personally sold stock options when the Reddit investors were buying them. It wasn’t a sure bet. Mr. Gross said in a Wall Street Journal podcast last year he was down $10 million at one point before emerging with a $10 million gain as GameStop’s shares nosedived. “It felt good,” he said. “It was an experience. It’s like the first time you drove your car, or the first time you went down the ski slope.” He declined additional comment through a spokesman.
Excerpted From:
“Heard on the Street - Who Got Rich from the GameStop Revolution?” - WSJ January 29, 2022
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