Longtime activist investor Carl Icahnis still shortingGameStop Corp GME and has been since early 2021.
Confirmed short-seller reports would previously send the retail investor-backed stocksoaring, but GameStop shares are barely budging Tuesday, which begs the question: where arethe Apes?
What Happened: Icahnconfirmed that he initiated a short position in GameStop around the peak of the meme-stock frenzy in early 2021.
He told CNBC on Tuesday that he first shorted the name when it was trading around $400 per share. Since then, the billionaire investor has traded around his position, but he remains short.
GameStop shares didn't move much on the initial reports,and the stockisonly up 2%Tuesday after Icahn confirmed his short position.
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Why It Matters:Ritholtz Wealth Management's Josh Brown believes much of the retail crowdbacking GameStop and AMC Entertainment HoldingsInc AMC , betterknown as the Apes, hasmoved on.
There was almost no reaction to the newson message boards or on theSubreddit r/wallstreetbets, Brown said Tuesday on CNBC's "Fast Money Halftime Report."
"A lot of people that were part of that uproar have moved on to other things," he said.
And according to Brown, the Apes have moved on for good reason.
"It would be weird to think that history will repeat and all of sudden there's gonna be this tremendous squeeze," Brown said.
He told CNBC that it isn't clear whetherthe retail crowd is still in the markets, noting that much of thatdata is irrelevant or unavailable currently.
"I think people in general get bored when they're not making money and when they're losing money, they very quickly look for a different activity," Brown said.
Check This Out:Here's How Much $100 Invested In GameStop 20 Years Ago Would Be Worth Today
GME Price Action: GameStop shares are down more than 50% over the last year.
The stock was up 3.66% at $26.05at the time of publication, according toBenzinga Pro.
Photo:Sergei Tokmakovfrom Pixabay.