'Big Short' Michael Burry de-registers Scion Asset Management!!!
https://www.investing.com/news/stock-ma ... nt-4353912
Investor Michael Burry, famous for calling the 2008 financial crisis, appeared to have de-registered his hedge fund, Scion Asset Management, from the Securities and Exchange Commission this week.
Burry also hinted at a big release on November 25, although it was unclear what he was referring to.
Burry posted an image on social media that showed Scion’s SEC registration status had been terminated, which Investing.com confirmed.
A letter from Burry to Scion’s investors outlining its closure, dated October 27, also appeared to be circulating on social media, although Investing.com was unable to immediately verify the authenticity of the letter.
Deregistration from the SEC could also indicate that Burry plans to run Scion as a family office, a type of advisory that does not necessitate a SEC registration.
Burry also clarified on his short position against Palantir, stating that he had spent about $9.2 million to buy options on the stock which will expire only in early-2027.
“Each of those doodads let me sell $PLTR at $50 in 2027,” Burry said, referring to the options which will allow him to sell about 5 million shares in Palantir.
Earlier reports had focused on the notional value of Burry’s bet against Palantir, which is far greater at $912 million.
Burry did not clarify his position against Nvidia. Recent filings from Scion showed he purchased puts for 1 million shares in the artificial intelligence major, at a notional value of $186.6 million.
Burry, famous for predicting and trading off the 2008 subprime mortgage crisis, had returned to social media in recent weeks with a cryptic warning on a bubble in the market. He had also criticized major tech and cloud companies for allegedly underreporting the amount of depreciation in their computing assets, mainly chips.
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