The two Chinese tech giants previously comprised 20 per cent of the Scion Asset Management’s portfolio and were its top two equity holdings at the end of March.
Michael Burry’s Scion Asset Management exited its stakes in Alibaba Group Holding and JD.com in the second quarter, ditching the stocks just months after doubling down on them.
Burry, who rose to fame after predicting the 2008 housing crash, developed a large social media following for his predictions of looming risks.Scion liquidated holdings in 15 companies in the second quarter, according to a regulatory filing Monday, including banks that it had scooped up in the preceding period as the failure of several lenders battered the financial sector.
Financial social media was abuzz Monday with talk that Mr Burry was making a multibillion-dollar bet against the stock market by buying put options on the biggest exchange-traded funds tracking the SScion’s filing shows long put option positions of 20,000 contracts in the two ETFs – equating to 2 million shares each. That was amplified on social media into a huge short bet on the broader US stock market.P 500 ETF Trust’s closing price on June 30.
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