Andrew Left Breaks Silence on CNBC: Addressing Fraud Allegations and the Future of Short Selling
In a candid and exclusive interview on CNBC’s Squawk Box, Citron Research Founder Andrew Left addressed recent fraud allegations brought against him by the SEC and DOJ. Speaking publicly for the first time since the charges were announced, Left discussed the accusations, his trading practices, and the broader implications for short sellers and market participants.
Watch the full interview here: CNBC Squawk Box with Andrew Ross Sorkin
Published on CNBC Fri, Jan 10 2025
Citron’s Bull Thesis on Nebius.
For those familiar with Yandex, the Russian tech giant that was once often referred to as the “Google of Russia,” you’ll recall how its stock was suspended in 2022 following Russia’s invasion of Ukraine and the resulting economic sanctions. Shareholders were left in limbo for over two years. During this period, management orchestrated a remarkable corporate exit from Russia, ultimately securing $5.2 billion in a deal that saw Yandex’s Russian operations sold despite the Kremlin’s mandated 50% discount on foreign transactions. The remaining assets, including valuable international businesses and non-Russian operations, were retained under the Yandex umbrella
In October 2024, Nebius (formerly Yandex) emerged with a new name, business model, and a powerful strategy that is quickly gaining attention. This new narrative is one that Citron believes investors cannot afford to overlook.
Nebius: A High-Performance AI-Centric Cloud Platform
At its core, Nebius is an AI-focused cloud platform designed for intensive workloads, a rapidly growing sector driven by the explosion of artificial intelligence. The company’s proprietary software architecture and custom-designed hardware—encompassing everything from servers to data racks and complete data center infrastructure—form the backbone of its cloud services. Nebius gives developers the compute power, storage, managed services, and tools necessary to build, train, and deploy AI models at scale. This puts Nebius in direct competition with other cloud giants like CoreWeave, which specializes in similar AI workloads
Nebius also manages several other smaller yet intriguing business segments. However, for the sake of a focused evaluation, we’ll concentrate on its core cloud infrastructure offering, which forms the majority of its revenue base.
Throwback to 2020: Citron Research Recognized MicroStrategy’s Bitcoin Pivot Before It Became Mainstream
In light of recent developments, it’s worth revisiting our 2020 report, where Citron Research was among the first to introduce the investing public to MicroStrategy as a transformational Bitcoin proxy. At the time, this bold move was underappreciated, but history has since validated the foresight.
We recently turned cautious on MSTR, not just for its Bitcoin holdings but based on valuation metrics that reflect strong fundamentals. This evolution aligns with our ethos: staying ahead of trends while remaining grounded in value.
For those interested, here’s the original report—a testament to the critical analysis Citron brings to market discussions.
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Small-cap quantum stocks are in a bubble, but $QUBT stands out as the most ridiculous. The numbers tell the story. R&D spending is THE critical indicator in this space: last quarter, $IONQ allocated $33M and $RGTI $12M, modest figures next to tech giants like Google. Yet $QUBT… https://x.com/i/web/status/1869400459267436877
Buying $RGTI based on Google’s quantum success is as misguided as believing every TikTok guitarist is the next Taylor Swift. When the hype fades, investors will recall $RGTI sold equity at $2 just two weeks ago, with more dilution to come rather than true quantum competitiveness.… https://x.com/i/web/status/1866859551166959963
While we have had our share of dogs, it is good to update a success story and put it in perspective 5 months after mention
In July of this year while $RGTI was trading near $1, Citron suggested the stock saying it will be an ultimate beneficiary of a quantum computing hype. 5…
Citron pounding the table that $NBIS is poised to be the next AI Wall Street darling. A sleeper with no analyst coverage yet, the market hasn’t caught on to its massive potential—or its undervaluation vs. CoreWeave. If it trades at a 50% discount to Coreweave multiple that puts… https://x.com/i/web/status/1864018794873495945