Michael Burry, the investor famed for his prescient bet against the US housing market that inspired the film The Big Short, has closed his firm Scion Asset Management, liquidating its funds and returning capital to investors amid his scepticism about valuations of tech companies such as Palantir, according to a report by Reuters citing a letter to investors.
Scion, which had around $155m of assets under management as of March 2025, will no longer be subject to the annual US Securities and Exchange Commission (SEC)/state filing regime that funds managing over $100m must comply with, and is no longer registered with the SEC.
The timing comes after Burry ramped up his criticism of major tech names — including Nvidia and Palantir Technologies — arguing that disproportionate investment into AI infrastructure has been masked by aggressive accounting and could understate depreciation by about $176bn in the 2026-28 window.
Burry has reportedly spent about $9.2m buying 50,000 put options on Palantir, allowing him to sell the stock at $50 apiece in 2027. The firm’s shares are trading at around $178.29.
