‘Big Short’ investor Michael Burry is back on Twitter and cautioning against market bubble

‘Big Short’ investor Michael Burry is back on Twitter and cautioning against market bubble

‘Big Short’ investor Michael Burry is back on Twitter and cautioning against market bubble.

By Crypto Global News

The “Big Short” investor, Michael Burry, returned to Twitter after deleting all of his posts to warn cryptocurrency and meme stock investors that the “mother of all crashes” could be on its ways, costing them tens of millions or trillions of dollars.

Mr Burry made his name by betting against the housing market after predicting the catastrophic economic collapse in the late aughts.

“All hype/speculation is doing is drawing in retail before the mother of all crashes,” he wrote on Twitter, before deleting his posts.

“When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed,” he wrote.

Mr Burry is currently the head of Scion Asset Management, but closely follows stock trends and occasionally returns to Twitter to offer his insight, which is treated by some as oracle-like missives.

Earlier this year Mr Burry supported the GameStop meme stock explosion when Reddit-based investors drove the stock price up while major investment firms were trying to short sale the company.

Since then, however, Mr Burry’s opinions on the meme stock craze appears to have reversed.

“If I put $GME on your radar, and you did well, I’m genuinely happy for you,” he wrote in January. “However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous.”

Mr Burry notably also has bet against Elon Musk’s Tesla Inc, holding puts against the company’s 800,100 shares.

Tesla has long been the target for short sellers, much to the frustration of Mr Musk who at once point produced of actual shorts to mock those betting against him.

Some investors believe the company’s stock, which is currently sitting around a $620 share price, is massively over valued.
Craig Irwin, the senior research analyst at Roth Capital, told CNBC in April that the stock price was likely worth only $150.

Mr Burry’s bet against Tesla was not fully rooted in its possible overvaluation; he previously tweeted that the company’s reliance on regulatory credits for making a profit raised a red flag for him.

He later deleted the tweet, as he often does.

Investors on Reddit were largely skeptical of Mr Burry’s warnings.

“He’s just pissed he sold his big stake in GME before it rocketed,” one WallStreetBets user wrote on Reddit.

Others wrote his warnings off as “chicken little” doomsayin.


 

Original source: https://cryptoglobalnews.live/big-short-investor-michael-burry-is-back-on-twitter-and-cautioning-against-market-bubble/

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