The billionaire began to scold the retailer during the boom of memes.

Amid the meme craze, around January 2021, billionaire investor Carl Icahn started selling GameStop Corp. He still has a sizable stake in the retail video game retailer today.

This is a unique instance of a billionaire investor betting against a meme business since Carl Icahn is betting that GameStop stock is not trading on its fundamentals and will continue to decline.

GameStop has lost 71% of its value since January 2021.

GameStop rose to the top of the list of “meme stocks” as retail soared in response to the coronavirus pandemic, helped by free-trade agreements and government spending stimulus.

Individual investors poured money into GameStop to oust money managers who were betting against the business, spurring one another on the Reddit forums.

GameStop’s market value dropped to $7.7 billion on Monday after it dropped 8.8% to close at $25.16 per share. The retailer underwent a four-for-one stock split this year and saw a 71% decline in value from its January 2021 closing high.

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