“The Big Short” investor Michael Burry made a bet against tech giant Apple in the first quarter, a regulatory filing showed. Burry, one of the first investors to call and profit from the subprime mortgage crisis, owned 2,060 Apple put contracts at the end of the first quarter, according to the filing. Each options contract is tied to 100 shares, so Burry’s bet was tied to 206,000 Apple shares, which had a face value of $36 million at the end of March. A put option contract gives the holder the right to sell a security at a specified time at a specified price, and thus increases in value if the stock falls below the so-called strike price. If Burry held those put options in the current quarter, the bet would be profitable as Apple is down 15% so far in the second quarter. Certainly Burry is a very active trader and he could have exited this position by now. The investor had previously held put options on Tesla and told CNBC it was “just a trade.” Burry did not immediately respond to CNBC’s request for comment. Aside from the Apple bet, the Scion Asset Management founder added a number of long positions in various sectors during the first quarter, including Booking Holdings, Alphabet, Cigna, energy name Ovintiv and Nexstar Media Group.
https://www.cnbc.com/2022/05/16/michael-burry-of-the-big-short-reveals-a-bet-against-apple.html The Big Short’s Michael Burry reveals bet against Apple