Michael Burry, the investor behind The Big Short, has officially shut down his hedge fund, Scion Asset Management, and will no longer manage money for outside clients.
According to regulatory filings, Scion’s registration with the US Securities and Exchange Commission (SEC) was terminated on November 10, 2025, which marked the end of its status as a registered investment adviser.
At the time of its most recent Form ADV filing in late March, Scion managed roughly $155 million across four accounts. Burry confirmed the closure in a post on X that he will “liquidate the funds and return capital by year’s end.”
Burry shared a screenshot of Scion’s terminated SEC registration on X Wednesday evening, confirming the move.
BREAKING 🚨: Michael Burry
— Barchart (@Barchart) November 13, 2025
Michael Burry to close down his hedge fund by year end after acknowledging he doesn't understand today's market pic.twitter.com/vrCIRNf5xH
“Dear Investors, With a heavy heart, I will liquidate the funds and return capital but for a small audit/ tax holdlack-by year’s end. My estimation of values in securities is not now, and has not been for some time, in sync with the markets. With heartfelt thanks, but also with apologies, I wish you well in your future investments. I do suggest investors contact my associate PM Phil regarding the coming endeavors,” Burry wrote.
The announcement came shortly after Burry’s firm disclosed in its third-quarter filings that it held bearish put options on two of the market’s hottest artificial intelligence (AI) stocks — Nvidia and Palantir — as of September 30.
Karp vs Burry
Following the disclosure, Palantir CEO Alex Karp criticised Scion’s short positions as “batshit crazy” during a televised interview, leading to a sharp response from Burry on X. He fired back that he was not surprised Karp “cannot crack a simple 13F.”
Burry later took issue with media reports that stated he had bet $912 million against Palantir. He clarified that Scion had purchased 50,000 put option contracts on Palantir stock, each covering 100 shares with a premium of $1.84 per share, a total expenditure of about $9.2 million.
Back to social media in October
In another October post, his first public comment in more than a year, Burry shared a still image from The Big Short depicting actor Christian Bale, who portrayed him in the film, staring at a computer screen in disbelief.
He captioned it, “Sometimes, we see bubbles. Sometimes, there is something to do about it. Sometimes, the only winning move is not to play.”
The remark referenced a line from the 1983 film War Games, in which an AI system realises that every simulated nuclear conflict ends in mutual destruction. “A strange game,” the machine concludes. “The only winning move is not to play.”
AI-driven enthusiasm has propelled major technology stocks, including Nvidia, whose shares have surged more than 1,200% since early 2023, pushing its market capitalisation to a record $5 trillion and lifting the S&P 500 and Nasdaq 100 to new highs.
Burry rose to fame for predicting and profiting from the mid-2000s US housing market collapse, a feat chronicled in Michael Lewis’s The Big Short and its Oscar-winning film adaptation.
In the years since, he has gained a reputation for making bold bets, including early investments in GameStop and short positions against Tesla, Cathie Wood’s Ark Innovation ETF, Apple, semiconductor giants like Nvidia, and the broader S&P 500 and Nasdaq 100.
