This Michael Burry stock just nosedived
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Late in September 2024, Chinese stocks soared as the People’s Republic government announced a massive package of measures designed to bolster the country’s ailing market. Just weeks later, on October 8, 2024, the situation took a drastic turn, as China’s newest announcement brought none of the hoped-for stimuli. In fact, the only specific number mentioned was the 100 billion Yuan (~$14 billion) frontloaded from the 2025 central budget and intended for short-term use – a far cry from the $100 billion that was hoped for. The announcement had a strong and widespread effect – felt most strongly in the Hong Kong market as it led to a 9% drop in the benchmark HSI index – and took a toll on, among many others, the biggest holding of the most famous ‘Big Short’ investor, Michael Burry. Alibaba stock plunges nearly 7% in the initial hours of Tuesday’s trading Indeed, after an exceptionally strong rally that ensured Alibaba (NYSE: BABA) is 34.83% in the green in the 30-day chart, the stock nosedived and collapsed approximately 6.6% in the opening hours of Tuesday trading. In fact, at press time on October 8, it is difficult to provide a precise price given the high volatility the Chinese e-commerce giant is experiencing, but its price stood at about $109.7 at approximately 11 AM EST – $8 below the Monday close. BABA 30-day and 5-day price charts showing the sharp reversal, and high Tuesday volatility. Source: Finbold Is Michael Burry now down on his Alibaba stock bet? Despite the sharp drop, Michael Burry remains in the green on his Alibaba position, given that all of the 155,000 shares he is known to have held at the time of the latest 13-f filing were purchased during the long downturn between the summer of 2023 and September 2024.…
Filed under: News - @ October 8, 2024 4:26 pm