Scion Asset Management CEO and legendary trader Michael Burry reportedly deleted his Twitter profile on Tuesday after weeks of warning his followers of the potential market crash. He warned about the rampant speculation and valuations in the financial markets.
As of Tuesday, Burry’s Twitter account read, “this account doesn’t exist” a message that meets all visitors to the investor’s page. He vowed to stop tweeting after federal regulators paid him a visit last month. Before that time, Burry had used his Twitter account to caution investors and traders against Tesla stock, as well as video game retailer GameStop, meme digital currency Dogecoin, SPACs, inflations, and all other risks threatening the markets.
He compared the rally around bitcoin, electric vehicles, and meme stocks to the dot-com and housing bubbles of the 2000s. Burry added that those assets were driven by speculative fervor to insane heights from which the fall will be dramatic and painful.” Also in February, he said the stock market was “dancing on a knife’s edge.” He then called out stock-trading app Robinhood calling it a “dangerous casino.” GameStop’s short squeeze wasn’t left out as Burry called it “unnatural, insane, and dangerous.”
Burry gained national recognition after his billion-dollar bet against the US housing bubble in the mid-2000s. His prediction was credible enough to have a book and film made after him, entitled “The Big Short.” He also set the pace for the GameStop short squeeze in January, after buying a stake in 2019.
There have been mixed reactions following the news of Burry’s Twitter exit. Fans on social media believe that he was forced off Twitter by the Securities and Exchange Commission (SEC). Burry’s account was known for its expressive nature, likened to Reddit’s wall street online community who are known for being outspoken about financial markets. The community referred to Burry as “Dr. Burry.
The SEC had no immediate response to the accusations from Burry’s social media fans.
Burry has also been clear that he is short Tesla Motors Inc. (TSLA) and in recent weeks said the retail trading bubble reminded him of the housing bubble that made him famous on Wall Street.