On June 19, 1971, Michael Burry entered the world in San Jose, California. He has been using a prosthetic since he lost his left eye to retinoblastoma when he was just two years old. When Burry was a teen, she enrolled at Santa Teresa High School.
He eventually applied and was accepted to the University of California, Los Angeles, where he plans to study pre-medicine and economics. Burry began his neurology residency at Stanford University Medical Center after graduating from Vanderbilt University School of Medicine, but he never completed it.
Burry has maintained good standing with the California Medical Board even though he no longer actively practises medicine.
What is Michael Burry’s Net Worth?
Michael Burry is a 300 million-dollar American doctor, investor, and hedge fund manager. Burry became widely known for founding Scion Capital LLC. Through Scion, he was able to foresee the 2008 real estate market crash and make a fortune as a result.
Value Theory tweeted about the revelation of Michael Burry’s wealth in the following message:-
I Profiled Michael Burry Last Week
Net worth of $300m & a 490% return for investors over 8 years
1. His Story: The Big Short
2. His current stock holdings
3. His top 12 book recommendations
4. The 16 investing principles he lives byAll below, incase you missed any: 👇 pic.twitter.com/ALq1j0Xtiw
— Value Theory (@ValueInvestorAc) June 19, 2023
Christian Bale portrayed Burry in “The Big Short” (2015). After its 2001 inception, Scion Capital LLC gained 55 per cent thanks to prescient bets against technology stocks just before the internet bubble burst. By 2004 he was responsible for over $600 million in assets.
How Much Did Michael Burry Personally Earn From the Bet?
After it was revealed that Michael had bet $1 billion against the subprime mortgage market just before the Great Recession of 2008, he became a household name.
Burry travelled to Goldman Sachs and successfully lobbied for the sale of “credit default swaps” from the bank, which were bets on the future performance of subprime loans.
It was a very unusual action for a small fund manager to take. He has been a gambler since 2005. As a long-term investment, the bet failed.
Before the housing bubble burst, scion had to make regular payments to cover his swaps. Because of this massive investment, his backers revolted and demanded their money back.
Burry was right; his fund made $700 million for his backers. He made $100,000,000 on his own.
In an opinion piece for The New York Times published in April 2010, Burry said that a careful observer of the financial markets between 2003 and 2005 would have been able to predict the impending crisis in the subprime mortgage industry.
When Did Michael Burry Acquire Shares in Gamestop?
Burry has also made a wise bet on GameStop. According to Burry, he bought 3 million GameStop shares in March of 2020. In an open letter to the company’s executives, he urged them to implement reform. He reduced his holdings to 1.7 million shares during the subsequent six months.
In January of 2021, GameStop’s stock price skyrocketed, thanks in part to a concerted effort by Reddit users. The share price of GameStop hit an all-time high of $480 on January 28, 2021.
If Michael had sold his 1.7 million shares at that price, he would have made $816 million. He probably paid around $4 per share in 2020 when he made his transaction.
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For almost 4 years, Jason Martin has been a freelance writer for newspapers, journals, blogs, books, and online material. He covers the most recent news as well as many other topics.