Michael Burry has terminated his registration with the SEC and announced the closure of his hedge fund, Scion Asset Management, naming protege Phil Clifton as the heir apparent to his investment business.

Burry, who is most well-known for his role betting against the housing market in the 2008 financial crisis, has generated a whirlwind of headlines over the past two weeks.

The Bigger Short

Last week, Burry disclosed that his firm had taken a bearish position against Nvidia (NVDA) and Palantir (PLTR) by buying thousands of puts against both. His X feed has been sounding an alarm against big tech and the unsustainable pace at which valuations have been growing.

When Palantir CEO Alex Karp criticized Burry’s position on CNBC, calling it “batshit crazy,” Burry fired back: “Doesn’t surprise me one bit that Alex Karp and his ‘ontology’ cannot crack a simple 13F.”

The exchange now feels like an epitaph for Burry’s final hedge fund bet.

The End of Scion Asset Management

Since Burry’s bearish positions were disclosed, tech stocks dropped. The Nasdaq Index ($NASX) had its worst week since April. Nvidia fell 7.1%, Palantir 11.2%. 

While this may have been a positive indicator for Burry’s position, he posted a photo to his X account of Christian Bale’s portrayal of himself in The Big Short, seemingly showing that he is done… for now. 

In a letter that was circulated on Oct. 27, 2025, and later verified by The Financial Times, Burry informed his investors of his decision to close up shop:

Dear Investors,

With a heavy heart, I will liquidate the funds and return capital but for a small audit/tax holdback by year’s end.

My estimation of value in securities is not now, and has not been for some time, in sync with the markets.

With heartfelt thanks, but also with apologies, I wish you well in your future investments.

I do suggest investors contact my associate PM Phil Clifton regarding his coming endeavors. …

Phil is a tremendous young talent in the field of investment and the most prodigious thinker I have ever encountered.

He later alluded to a new venture launching Nov. 25, but the meaning behind this cryptic message has yet to be determined.

Who Is Phil Clifton?

So who is Phil Clifton?

According to Burry, Clifton is “a tremendous young talent in the field of investment and the most prodigious thinker I have ever encountered,” and is allegedly launching a new investment venture in the near future.

What we do know is that Clifton is a double graduate from Georgia Institute of Technology, based on his public LinkedIn profile.

He holds a Bachelor’s degree in Aerospace, Aeronautical, and Astronautical Engineering, and a Master of Science in Aerospace Engineering, which indicates that he, like Burry, who is an M.D., has a talent and penchant for the hard sciences as well as finance.

Professionally, Clifton has been primarily associated with Scion Asset Management for the last five years and, as of October 2025, is now the founder of Pomerium Capital.

While this news is certainly a lot to take in, Burry’s investors, as well as many in the financial community, will continue to wait and see how this announcement unfolds for the mysterious launch on Nov. 25 and Phil Clifton’s new venture.

Clifton has big shoes to fill, but the high praise and endorsement from one of the most famous investors of the 21st century sound like he is off to a strong start.

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