Michael Burry’s Scion Asset Management exited its stakes in Alibaba Group Holding Ltd. and JD.com Inc. in the second quarter, ditching the stocks just months after doubling down on them. Expedia Group Inc. emerged as Scion’s top holding, with the hedge fund acquiring 100,000 shares worth $10.9 million as of midyear. Also Read: Jack Ma makes rare public appearance in ChinaScion’s filing shows long put option positions of 20,000 contracts in the two ETFs — equating to two million shares each. That was amplified on social media into a huge short bet on the broader US stock market. Burry, who rose to fame after predicting the 2008 housing crash, developed a large social media following for his predictions of looming risks.

Source: The Hindu August 16, 2023 11:34 UTC