Michael Burry's Scion Asset Management cuts GameStop, Facebook in Q4'20

Saratoga, Calif.-based Scion Asset Management LLC exited GameStop Corp. and Facebook Inc. during the fourth quarter of 2020, according to the fund manager's latest 13F filing.

At the end of the third quarter of 2020, GameStop, a struggling bricks-and-mortar videogame retailer, was Scion's largest common equity position at $17.4 million. GameStop's shares jumped 84.7% during the fourth quarter, then a Reddit-fueled short squeeze pushed the company's shares well over 1,000% higher earlier this year before coming back down to earth.

Scion also exited a $13.1 million common equity position in Facebook Inc. during the fourth quarter as well as call options with a nominal value of $11.8 million on Facebook stock.

Altogether, Scion exited nine common stock positions and 11 call options during the fourth quarter.

The firm bolstered its position in Lumen Technologies Inc. by 43.8% during the fourth quarter, making the telecom company its largest holding at the end of 2020 at $11.2 million. Scion's second-largest position was a newly entered $10.8 million stake in NOW Inc.

Scion reported three call option positions at the end of 2020, including Citigroup Inc., Pfizer Inc. and The Kraft Heinz Co.