Michael Burry, the famed investor behind the “Big Short,” has just turned a major page. His fund Scion Asset Management has officially terminated its registration with the SEC, the US financial markets regulator, as of November 10, 2025. In essence: Scion ceases to be a registered manager and may well become a family office, a model reserved for the private management of wealth.
Une décision officielle, mais peu commentée
The information comes directly from the SEC’s public database, which mentions the fund’s withdrawal on November 10. The announcement was already expected: after weeks of rumors, the exit is now official. Burry, true to his enigmatic style, did not issue an official statement but hinted on X that a “big change” would be announced on November 25. This fuels all speculations: early retirement, new investment vehicle, or simply transformation into a more discreet family structure.
Mes estimations de la valeur des titres ne sont pas, et ne sont plus depuis un certain temps, en phase avec les marchés.
Ce que cela change concrètement
By withdrawing from the SEC register, Scion will no longer have to publish ADV forms detailing a fund’s strategy, fees, or clients. This withdrawal is done via form ADV-W, marking the end of the registered advisor status. But beware: Burry is not completely disappearing from the radar. SEC rules still require managers holding more than 100 million dollars in listed assets to quarterly disclose their portfolio via the famous form 13F. If Scion, or an heir structure, remains above this threshold, Burry’s positions will continue to be revealed with a slight delay.
Les signaux avant la tempête
A few days before this withdrawal, on November 3, Scion released its quarterly report. It revealed huge short positions on Palantir (912 million dollars notionals) and Nvidia (187 million). These bets against two AI giants immediately caught the market’s attention, as well as the anger of Palantir’s CEO, Alex Karp. Burry responded by explaining that these positions had already been closed and leaving behind this cryptic message: “On to much better things Nov 25th.” A countdown that captivated his millions of followers.
Vers un empire familial ?
All signs indicate that Burry is preparing for a new phase of his career. The family office model, reserved for managing the wealth of a single family, would allow him to work in the shadows, without disclosing his positions or justifying his decisions to regulators. Less public transparency, but more strategic freedom. According to US regulations, these entities are exempt from registration as long as they manage only family assets and do not solicit external clients. This path is taken by many billionaires who want to continue investing without the media scrutiny of an official fund.
Et maintenant ?
All eyes are on November 25. Burry has promised “something better.” A new structure, an investment manifesto, or a complete withdrawal from the world of finance? Impossible to say. What is certain is that the man who anticipated the subprime crisis continues to surprise. After challenging Wall Street, he now seems to want to completely break free from it.
