Michael Burry — the U.S. investor best known for correctly forecasting the subprime mortgage collapse ahead of the 2008 financial crisis — has officially shut down his hedge fund, Scion Asset Management. An SEC filing on November 10 shows Scion’s registration as an investment adviser was terminated, meaning Burry will no longer manage external capital or file public 13F disclosures.

The move formalises a process that began internally weeks earlier. A letter sent to investors on October 27 — which later circulated online — revealed that Burry planned to liquidate Scion’s funds and return capital “by year’s end.” At the time, the fund managed around $155 million in assets.

The closure also coincided with a burst of headlines triggered by Scion’s final mandatory 13F filing on November 3. The report, which captured Burry’s positions as of September 30, showed sizeable put options against two of the biggest names in artificial intelligence: Palantir and Nvidia. Early reporting incorrectly described these as a $912 million bearish wager.

Burry stepped in to correct the narrative himself. Posting on X, he clarified that the options cost $9.2 million — a fraction of what media outlets suggested — and criticised the misinterpretation of notional value versus actual capital at risk. Now that Scion is deregistered, no further disclosures will be required, effectively ending the market’s ability to track his positions in real time.

Burry had resurfaced online weeks earlier after an extended silence, posting a cryptic message: “Sometimes, we see bubbles.” The remark — coming from the man whose early warning about subprime mortgages proved prescient — generated immediate attention, especially as AI-linked stocks continue their steep multi-year rally.

In a follow-up post confirming Scion’s termination, Burry teased that he was “on to much better things Nov 25th,” stimulating speculation about whether he is planning a new private venture, restructuring into a family office, or shifting focus entirely outside traditional markets.

Deregistering from the SEC removes onerous reporting obligations and raises the likelihood that Burry will now operate privately, free from the scrutiny that has accompanied his trades since the financial crisis. For now, what comes next remains unknown — but markets will be watching closely for whatever he reveals later this month.