Michael Burry will always be remembered for being more than a year early to the greatest ‘meme stonk’ trade of all time: way back in 2019, Burry laid out a long-term bull case for GameStop and said Scion, his hedge fund, had purchased a long position in GME.
Years later, after selling at least some of his GME position in the quarter before January’s infamous “GameStopped” incident, many have wondered whether Burry made another “killing” on his GME position. Burry and Scion have become among the most vocal critics of not just meme stocks, but also Cathie Wood, Tesla and the entire ‘momo’ establishment. Instead, Burry shouted from the mountaintops (metaphorically speaking) that he believes we’re in the midst of the greatest bubble of all time by two orders of magnitud. This might have something to do with what we’re about to tell you next.
Minutes ago, Burry, who has been increasingly vocal on Twitter again in recent days after a brief silence (which he hinted was inspired by an SEC ‘knock at the door’), tweeted a partial copy of a subpoena he had received regarding “In the Matter of GameStop Corp”. The brief text shared showed Scion, Burry’s longtime asset-management shop, had been subpoenaed for relevant documents (though it’s not exactly clear what that means).
He couldn’t help express his irritation: “with all that’s going on in the world,” he mused in the tweet.
So, who got an SEC subpoena over $GME?
Actually, I know who, they’re on my subpoena.
With all that’s going on in the world…. pic.twitter.com/i0ZzflaXTz
— Cassandra (@michaeljburry) September 24, 2021
Burry also hints that he knows the identities of others who have been subpoenaed by the agency in the GME investigation. We wonder whether Keith Gill, whose former employer was just hit with a $4MM fine by a state regulator, might be another name on the list?
The replies to Burry’s tweet were replete with comments mocking SEC chief Gary Gensler, who must have approved the subpoena.
— unusual_whales (@unusual_whales) September 24, 2021
— Mohammad (@_MohammadRahman) September 24, 2021
Welcome back, Dr. Burry. You are a refreshing source of credible content and education in a world of fake news
— thehungryturtle (@iamhungryturtle) September 24, 2021
— A (@AWPITweet) September 24, 2021
We doubt this will be the last we’ll be hearing about this, both from Burry and the SEC, which certainly owes the public, Burry and his followers an explanation.