Alibaba · China · Hong Kong · Fortune Technology
Burry confirms he sold Alibaba, calling it pricey before share sale
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Michael Burry criticized Alibaba Group Holding Ltd. shares as overvalued and disclosed that he recently exited his position in the Chinese tech giant to build a “large” position in rival online retailer JD.com Inc.
Key facts
- Michael Burry criticized Alibaba Group Holding Ltd
- The reporter planned to move most of it back after a month or two
Summary
“The reporter planned to move most of it back after a month or two. The remarks by the Scion Capital Management founder, made famous in The Big Short for his bets against the US housing market before the the 2008 global financial crisis, follow Alibaba announcing its plan to raise about HK$80 billion ($10.2 billion) via a share sale to fund its AI investments, which would be Hong Kong’s largest follow-on offering by a company on record.