Michael Burry Wagers $1.6 Billion Against QQQ and SPY
Michael Burry, known for his successful bets during the 2008 financial crisis, has made a substantial acquisition of put options against Invesco QQQ ETF and SPDR S&P 500 ETF Trust. These options have a notional value of $1.62 billion, comprising 93% of Scion Asset Management’s disclosed assets.
Key Points:
- $738.8 million has been placed against QQQ
- $886.6 million targets SPY
- Burry’s filings do not disclose purchase prices and expiration dates
- Scion’s latest filing reveals long positions in companies like Stellantis, Discovery, Expedia, CVS, MGM Resorts, Iheartmedia, and Cigna
- Scion has eliminated exposure to Western Alliance Bancorp and Pacwest
Burry’s market moves are closely watched due to his previous success. Despite the strong performance of the S&P 500 and Nasdaq 100 in 2023, Burry has taken a bearish stance. In April, he admitted his mistake in advising sales and congratulated the “BTFD generation.” In addition to his put options, Scion’s filing reveals his divestment from Alibaba Group and JD.com.
Hot Take:
Michael Burry’s $1.6 billion wager against QQQ and SPY signals his bearish outlook on the market. His past success makes his market moves highly anticipated and raises questions about the future performance of these ETFs. It will be interesting to see how his bets play out and if they will have a significant impact on the market.
By
By
By
By
By
By