“The Big Short” investor Michael Burry has de-registered his hedge fund, Scion Asset Management, according to SEC adviser records.
The agency’s database lists Scion’s registration status as “terminated” effective November 10, 2025. Investment advisers with more than $100 million in regulatory assets must stay registered with the SEC, and Scion reported $154.93 million as of March, per its latest filing.
A viral — though unverified — online post circulating today appears to show Burry’s letter to investors dated October 27, in which he wrote, “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”
The investor, famed for predicting the 2008 housing crash and immortalized in “The Big Short,” recently drew attention for placing a large options bet against Nvidia and Palantir and warning of market “bubbles” on X. The notional value of his positions in the filing was some ~$1.1 billion — $912 million for Palantir and $187 million for Nvidia — though Burry later clarified on X that his actual exposure on the Palantir leg was only around one-hundredth of that amount ($9.2 million). Each put option contract gives the ability to sell 100 shares, but the 13F filing requires the notional value of the underlying shares to disclosed.
Burry traded barbs with Palantir’s CEO, Alex Karp, over the bet’s disclosure, with the Scion investor saying on X that it “doesn’t surprise me one bit that Alex Karp and his ‘ontology’ @PalantirTech cannot crack a simple 13F.” Earlier this week, he also criticized major tech firms for understating depreciation on their computing hardware, saying it “artificially boosts earnings.”
While not addressing the shutdown directly, Burry teased in an X post yesterday that he’ll be “on to much better things” on November 25.
Burry previously shut down his earlier hedge fund, Scion Capital, in 2008 before launching Scion Asset Management in 2013.