Bill Gross says he’s steering clear of the latest crop of meme stocks for now, despite making millions of dollars betting against GameStop and AMC in the past.
The billionaire investor told Business Insider he had “no interest” in Opendoor, Kohl’s, American Eagle, and other stocks whose prices spiked as buzz on Reddit and other social media spurred retail traders to pile in.
Day traders have Microsoft and Meta “to play with for now,” Gross said. The tech titans are up 30% and 25% respectively this year because of AI excitement.
Gross says GameStop isn’t acting like a meme stock
Gross — known as the “Bond King” for growing fixed-income titan PIMCO’s flagship Total Return Fund to $270 billion over nearly 30 years — said the stock that started it all, GameStop, is “not behaving like a meme” and is “much less volatile” than before.
He added that he still viewed it as a “good candidate for option selling.”