Michael Burry, who is best known for shorting the 2007 mortgage bond market, sold his GameStop shares last quarter. missing out on the Reddit-fuelled rally which sent the stock soaring as much as 2,500 percent last month.
Burry's hedge fund, Scion Asset Management, bought a stake in 2019 in the video game retailer. He still owned 1.7 million shares at the end of the September quarter. However, as per the latest quarterly filing, Scion owned zero GameStop shares as of December 31.
In theory, had he sold the stock at its peak of $483, the hedge fund would have netted $821 million. At the time of writing this copy, shares of Gamestop were trading at $49.51. This means Burry would still be sitting on $84 million dollars had he not cashed out at all.
Apart from selling Gamestop shares, Scion also sold its bullish call options on Google-owner Alphabet and Facebook, which were two of the fund's largest positions in the third quarter. Bank of America, JPMorgan, and Goldman Sachs were some other stocks Scion sold in the December quarter.
Burry was the first investor to foresee and profit from the subprime mortgage crisis that occurred between 2007 and 2010. His life is chronicled in the critically-acclaimed book and movie "The Big Short."
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