Michael Burry, the famous name who previously criticized meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), surprised everyone with his latest SEC documents. Here are the details…
Dogecoin criticizes SHIB, Burry sells all shares
According to the statements made to the US Securities and Exchange Commission (SEC), Michael Burry sold most of his investments. Burry had gained notoriety for timely bets against housing prior to the 2008 financial crisis. The Scion Asset Management fund manager has left several positions. Instead, the prison bought a new stake in Geo Group Inc.
During the quarter, Burry sold its stake in 12 companies, including Google Booking and Bristol-Myers Squibb. The shares Burry sold include a $12.9 million stake in Facebook’s parent company Meta Platforms, a $19.7 million stake in Cigna Corp, and a $23.1 million stake in Bristol-Myers Squibb Co. Meanwhile, the Nasdaq Composite Index has dropped as much as 16 percent over the year.
All of GEO shares, ie 501,630 shares, were purchased in the second quarter. It was worth approximately $3.3 million at the end of Q2. Meanwhile, Scion has held stock in its 13F portfolio for an average of six quarters. Geo operates as a real estate investment trust, or REIT, specializing in prison properties and is the world’s second largest private “prison company.”
Geo operates on three continents and operates more than 100 private prisons and mental health facilities. However, the United States is the company’s largest market, providing about 90 percent of its revenue. In addition, Geo’s revenue shrank by nearly 2 percent from 2018 to 2021. In the second quarter, the company reported revenue of $588.2 million, up 4 percent year on year from $565.4 million.
Burry’s critique of DOGE
Burry, who laid the groundwork for GameStop stock to skyrocket by as much as 2,500 percent unknowingly last year, targeted Dogecoin in a tweet in 2021. The cryptocurrency, which was created as a joke, rose to a record level last year after Musk tweeted. At the time, Burry cited Dogecoin’s record price as evidence of a massive market bubble. Then, in a statement made in late 2021, he called DOGE and SHIB “nonsense”.
In fact, Burry criticized Tesla’s Bitcoin investment last year with an interesting argument. Michael Burry questioned Tesla’s investment in Bitcoin at the time. He warned of the record price of Dogecoin in a series of tweets that were later deleted. So, Burry thought Tesla might have timed the $1.5 billion Bitcoin purchase to get away from China’s problems.
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