The Big Short investor quietly deregistered his firm, hinting at major changes ahead
Michael Burry, the hedge fund manager who became a household name after Christian Bale portrayed him in The Big Short, has pulled his investment firm Scion Asset Management from federal oversight. Records from the Securities and Exchange Commission show the firm’s registration status changed to terminated on Nov. 10, a move that has Wall Street buzzing about what the famously contrarian investor plans to do next.
The deregistration appeared in the SEC’s public database and was first reported by financial outlets on Nov. 13. The timing has caught attention because it comes just days after Burry filed his latest quarterly investment report and dropped cryptic hints on social media about something happening on Nov. 25.
What deregistering actually means
When an investment advisor deregisters with the SEC, it files formal paperwork to withdraw from the regulatory system that governs how fund managers operate. This means Scion no longer has to file the public documents that investors and reporters typically review to understand how a fund operates, what it charges and what conflicts of interest might exist.
The move has sparked immediate speculation that Burry is converting Scion into what’s known as a family office. These private entities manage wealth for a single family and operate under different rules than traditional investment firms. Family offices that meet specific criteria don’t need SEC registration, which significantly reduces the amount of information they must share publicly.
However, there’s an important caveat. Investment managers who control more than $100 million in certain securities still must file quarterly reports disclosing their holdings, even if they’re no longer registered as advisors. If Burry or any successor entity stays above that threshold, some of his investment positions could still become public every few months, just on a delayed basis.
A timeline of recent events
- On Nov. 3, Scion filed its standard quarterly report showing holdings as of Sept. 30, signed by Burry himself.
- Seven days later on Nov. 10, the SEC’s system showed Scion’s registration as terminated.
- By Nov. 12 and 13, financial news sites had picked up the story and begun reporting on the deregistration.
The sequence suggests Burry had been planning this transition for some time, though he hasn’t made any official announcement explaining his reasoning.
The mysterious Nov. 25 hint
Burry has been more active than usual on X, formerly known as Twitter, in recent weeks. In one widely circulated post, he pushed back against how media outlets interpreted his investment filings and mentioned that a particular trade involving Palantir Technologies was completed last month. Then he added an intriguing line about moving on to much better things on Nov. 25.
That date is now circled on calendars across the financial world. Speculation ranges from a formal announcement about the family office structure to a completely new venture or investment initiative. Burry has a history of cryptic communications and dramatic market calls, so the suspense fits his established pattern.
The AI controversy that preceded this move
Part of what makes the timing interesting is that Scion’s most recent quarterly filing showed large positions betting against two high-profile artificial intelligence companies. The firm held put options tied to roughly $912 million worth of Palantir stock and about $187 million worth of Nvidia shares. Put options are financial instruments that increase in value when stock prices fall.
These positions generated headlines and even drew a sharp response from Palantir’s chief executive. Burry responded on social media, explaining that quarterly filings show gross values at a specific point in time and don’t necessarily reflect current positions or how much money was actually spent on the bets.
What changes for anyone watching Burry’s moves
The practical impact of deregistration depends on whether Burry maintains enough assets to trigger ongoing reporting requirements. If he does, quarterly filings will still provide glimpses into his investment strategy, though without the additional context that advisor registration documents typically offer.
If Scion truly becomes a family office managing only Burry’s personal wealth and that of his relatives, the public window into his thinking could narrow significantly. That would mark a shift for an investor whose calls on the housing market before 2008 and various trades since then have been closely followed by both professional and amateur investors.
Some market coverage has referenced a letter to investors dated Oct. 27 that allegedly describes winding down operations, though the authenticity of that document couldn’t be independently verified by several outlets that reported on it.
What happens next
All eyes are now on Nov. 25 to see whether Burry‘s social media tease leads to a significant announcement. The next scheduled quarterly filing, which would cover holdings as of Dec. 31, wouldn’t be due until mid-February 2026. That report, if filed, would be the first public look at positions after the deregistration date.
For now, the move leaves more questions than answers about what one of investing’s most watched figures plans to do next.
Source: TechStock²
