HomeEntrepreneursMichael Burry’s Scion Bets Big on Geo Group, Sells All Other Stock

Michael Burry’s Scion Bets Big on Geo Group, Sells All Other Stock

Famed American investor Michael Burry has been long known for making some unexpected moves, but his latest one still surprised the majority of the financial world. Burry’s hedge fund Scion Asset Management made a big stock sell-off in the second quarter and currently only holds shares of private prisons and mental health facilities operator Geo Group.

Scion exited the positions in 11 U.S. long stock holdings, including major tech stocks like Google’s parent company Alphabet and Facebook’s parent company Meta. On the other hand, the fund acquired 501,360 shares of Geo Group, which currently trades at $8.14 per share.

It is important to note that Scion’s 13-F regulatory filing, which revealed the stock dump, only contains data on long stock holdings in the United States. The info about the short positions and stock holdings on exchanges outside the U.S. is not included.

Michael Burry rose to prominence during the 2008 financial crisis after predicting the real estate bubble’s burst and turning a huge profit from the subprime mortgage crisis. He served as an inspiration for the Academy Award-nominated movie The Big Short. Recently, Burry has been warning about the state of the U.S. economy and the upcoming crisis due to consumer debt.

New York Community Bank Acquires Most of Signature Bank

New York Community Bank (NYCB) has made a deal with Federal Deposit Insurance Corporation (FDIC) to acquire most of the recently-collapsed Signature Bank. According...

Oil Extends Losses Amid Banking Sector Uncertainty

Oil losses were sustained on Monday as investors continue to harbor concerns over the ongoing global banking crisis. This uncertainty has hampered investors' willingness...

Kevin O’Leary Says He’s Expecting Another Crypto Fallout But Isn’t Out On Bitcoin

Businessman and Shark Tank star Kevin O’Leary expects the crypto market to have another fallout in the future. However, that doesn’t mean he’ll stop...