Billionaire investor Carl Ichahn started shorting GameStop Corp. GME during the height of the “Meme stock madness around January 2021 and continues to hold a large position, Bloomberg reported, citing sources.

Short position: Icahn began building the short position when GameStop was trading near its high of $483 per share and continues to hold a large bet against the retailer’s shares report quoted his sources as saying.

Icahn, who has increased his position from time to time, believes GameStop’s stock is not trading on its fundamentals and will continue to fall, the report said, adding that the size of his position is not clear.

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GameStop became the pinnacle of the meme-stock craze during the pandemic days, as retailers who traded fee-free apps banded together to bet against big money managers who were betting against the company. The saga caused many big bucks to burn their fingers.

According to Bloomberg, the current short position against GameStop is a rare instance of Icahn betting against meme stocks.

Emails sent to Icahn’s administrator and GameStop media representatives have gone unanswered at the time of writing.

Price promotion: GameStop shares closed 8.84% lower Monday and are down over 34% year-to-date. However, compared to November 2020, when the meme stock frenzy began, the stock is still up over 700%. That means the retail investors who bought and held the stock during the frenzy are sitting on massive gains.

Brief interest: Nearly 20% of GameStop’s free float is currently short, according to the latest data Data available on Benzinga Pro.

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