<p><img src="https://static6.businessinsider.com/image/6051f777fe6a340019acf0f7-2400/GettyImages-1230001511.jpg" border="0" alt="GettyImages 1230001511" data-mce-source="Patrick T. Fallon/Getty Images" data-mce-caption="Bill Gross was down heavily during the GameStop saga but ended up making around $10 million"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>Bill Gross told Bloomberg TV that he was "back in" the market and betting against GameStop.</li><li>The famous investor made around $10 million after January's GameStop saga.</li><li>He said "super-high" volatility "promotes an ability to make some money."</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul><p>Legendary investor Bill Gross is betting against GameStop stock again after walking away from January's wild volatility with a tidy $10 million.</p><p>The retired Pimco co-founder <a href="https://www.bloomberg.com/news/videos/2021-03-16/bill-gross-says-he-made-millions-shorting-gamestop-video">told Bloomberg TV</a> on Tuesday that he is taking a position against GameStop stock by selling contracts called call options.</p><p>"The volatility is super high and that promotes an ability to make some money," he said.</p><p>Gross said he has sold call options with "strike prices" of $250 and $300, meaning he stands to gain if the stock - currently at $208.20 - stays below those levels.</p><p>Yet the former Pimco boss, who now manages money for his family and foundation, could lose out if the highly volatile stock rises back to the levels of more than $300 seen in January.</p><p>Gross <a href="https://citywireselector.com/news/exclusive-how-bill-gross-made-10m-from-the-gamestop-surge/a1467950">revealed to the Citywire Selector podcast</a> in February that he was down between $10 million and $15 million at one point in the January GameStop saga, when day traders pushed up the price to an intraday high of more than $480.</p><p>"I was losing millions of dollars and that's not a good feeling when you go to bed," he told the podcast.</p><p>Yet Gross said <a href="https://markets.businessinsider.com/news/stocks/bill-gross-made-10-million-gamestop-stock-badly-timed-bet-2021-2-1030101609">he eventually made "maybe $10 million"</a> after holding his ground as the stock fell.</p><p>He told Bloomberg on Tuesday: "I did manage to overcome my insecurities and hold on and ride it all the way back down in terms of getting out." He added he's now "back in, I'm still selling call options at $250 and $300."</p><p>The seller of a call <a href="https://www.businessinsider.com/what-is-options-trading">option</a> promises to sell a stock to the option's buyer at a certain price within a specific time period. The option seller stands to benefit if the stock falls below the contracted price, known as the strike price.</p><p>Gross's position remains a risky one, however. GameStop stock plunged after the January surge, but has <a href="https://www.businessinsider.com/gamestop-stock-price-ryan-cohen-ecommerce-transformation-reddit-traders-gme-2021-3">since risen sharply again</a> to more than $200.</p><p>Yet Gross said he thought the stock's high volatility "is a perfect opportunity for options sellers, not buyers, to take advantage."</p><p><a href="https://markets.businessinsider.com/news/stocks/bill-gross-betting-against-gamestop-gme-stock-again-call-options-2021-3-1030219484#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-to-do-your-own-taxes-for-the-very-first-time-2018-2">July 15 is Tax Dayhere's what it's like to do your own taxes for the very first time</a></p>
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