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Michael Burry’s $1.6 billion bet against stock market is backfiring

By Ilene
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Michael Burry’s $1.6 billion bet against stock market is backfiring

By Vahid Karaahmetovic, Finbold

In a dramatic return to the financial spotlight, legendary investor Michael Burry, famed for his eerily accurate prediction of the 2008 market crash, seized headlines once more in August.

On August 14, SEC filings unveiled his bold move to short the US stock market, with a purchase of 40,000 put options contracts tied to SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) funds, boasting a substantial notional value of $1.6 billion. 

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