‘BULLSH*T!’ Hedge Fund Billionaire Leon Cooperman Rages Over GameStop Surge, Rips Small Investors for Having ‘No Idea What They’re Doing’

 

A hedge fund titan is lashing out at the small-time investors who have banded together to disrupt Wall Street.

Appearing on CNBC’s Fast Money: Halftime Report Thursday, Leon Cooperman — the billionaire CEO of Omega Advisors — tore into those who have been driving up the price of GameStop to squeeze out traditional Wall Street firms who sold the stock short. Cooperman believes that GameStop did not reach its current price (230, as of this writing) on the merits.

“There’s no one that can convince me that GameStop will not be a lower priced stock a year or two years from now,” Cooperman said. “Nobody.”

Cooperman took specific aim at what he called the “Robinhood market” — referring to the app comprised largely of modest investors, which suspended trading on GameStop and other volatile stocks earlier Thursday. Cooperman dismissed this crowd as being in over their heads.

“It will end in tears, in my opinion,” Cooperman said. He added, “It’s a loser’s game and they have no idea what they’re doing.”

Later in the segment, Cooperman took broader aim at the market conditions which have led to the GameStop surge. And he slammed talk from President Joe Biden about possible capital gains tax hikes. Specifically, the billionaire bristled at the idea that he is not paying his “fair share” in taxes.

“I hate that expression with a passion!” Cooperman said. “What does fair share mean? … I’m willing to work six months a year for the government, and six months for myself — which means a marginal tax rate of 50 percent. If you live in California, Connecticut, New Jersey, New York, you’re already well past that. This fair share is a bullshit concept! It’s just a way of attacking wealthy people.”

Watch above, via CNBC.

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Joe DePaolo is a Senior Editor at Mediaite. Email him here: joed@mediaite.com Follow him on Twitter: @joe_depaolo