Michael Burry, the hedge fund manager of the now-defunct Scion Capital, reveals he made over $270 million during the GameStop stock situation.
It's been over a week since the crazy situation surrounding GameStop's stocks began and people are still learning about the fallout that resulted from it. The GameStop stock situation is fairly denseto unpack in its entirety, but those who have some interest in the stock market and even video games could learn some interesting things from it.
Now, it seems that another savvy business man has made a killing as a result of this absurd stock market event. Michael Burry, the hedge fund manager of the now closed Scion Capital investment firm, has revealed that he made around $271 million thanks to GameStop's stock prices skyrocketing within the past couple weeks.
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In tweets that have since been deleted at the time of writing, Burry revealed that he has added over $271 million to his already large collection of money after purchasing GameStop stock over a year ago. For those readers who think Burry's name sounds familiar, he's now famous for being portrayed by Christian Bale in the film The Big Shortwhich detailed his discovery of the housing market bubble back in 2008. According to website MoneyWeb, Burry purchased 3 million shares in GameStop via his company Scion Asset Management in 2019.
The shares he purchased back then were reportedly worth over $16 million, but Burry has since made an enormous profit off of that purchase today. Burry also cautioned traders in his deleted tweets, calling the GameStop stock situation "unnatural, insane, and dangerous,"and saidthere should be legal andregulatoryrepercussions for what transpired. He's not wrong about the situation being dangerous, considering that GameStop's stock price dropped dramaticallyyesterday, throwing the situation into even more chaos than it was shrouded in before. However, those who took advantage of the situation early on are probably very happy they dove in and took the risk.
It's worth mentioning that not everyone is in the same camp as Burry when it comes to demanding legal and regulatory consequences for the situation. For example, GameStop's founder commented on the situationrecently, enjoying the overall chaos that smaller individuals were able to cause for massive hedge funds. There's a lot of nuance surrounding the GameStop situation and some people will likely feel different about it than others, but it's hard to deny that it's quite the modern-day spectacle to watch unfold. Even more so if one has no financial or personal stakes involved in the stock market or GameStop.
Ironically, now it seems that Netflix is making a movie based on GameStop stock situation, not unlike the premise of The Big Short that was based off of Burry's own experiences in. Only time will tell if this new Netflix film will carry the same weight and pedigree that The Big Short does, but it will be fascinating to see what becomes of the film over the next few years. For now though, it seems Burry is content with stepping away from this GameStop situation entirely, having made his money after waiting patiently for quite some time.
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Source: WebMoney
