Michael Burry, best known for calling 2008's subprime mortgage crisis, just added a new notch in his belt by predicting the latest market correction led by tech stocks. The California-based investor, who now runs his hedge fund Scion Asset Management, had amassed massive bets against the stock market in the second quarter. At the end of June, he owned 20,000 put contracts, with unknown value, strike price, or expiry, against SPDR S & P 500 ETF Trust , with a value of $886.6 million.
emailed the famously reclusive Burry for comment. He didn't respond immediately. Burry shot to fame by betting against mortgage securities before the 2008 crisis. Burry was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name. While it's been 15 years since Burry's home-run success betting against the housing bubble, investors still tend to hang on every word he says on X, where he has accumulated 1.4 million followers.