GameStop jumps to over three-month high, 'Big Short' Burry discloses buying

Video game retailer GameStop's shares GME.N jump as much as 8.75% to $25 - highest since early October

'Big-Short' Michael Burry says, "I own GME. I have been buying recently," adding that he sees limited downside to stock, which trades at around 1x tangible book value

Co earlier in January unveiled performance-based compensation plan for CEO Ryan Cohen, including giving him options to buy over 171.5 mln shares, if approved

Subsequently, Cohen bought total of 1 mln shares

Burry likens Cohen's strategy to Warren Buffet's Berkshire Hathaway BRKa.N as holding co

Cohen is waiting for right opportunity as GME is $10 bln in market value, $7.8 bln in cash and $4.2 bln of 0% convertible debt, Burry says

16.03% of GME's freefloat shares are shorted, worth about $1.5 bln, according to financial analytics firm Ortex

Burry says he is not counting on short squeeze rally to realize long-term value

Co did not immediately respond to Reuters' request for comment

Stock is up 22% this year and has been retail favorite