Michael Burry stake in QVC owner spurs biggest jump since 2019
QVC parent Qurate Retail Inc. rallied the most in three years after Michael Burry’s Scion Asset Management LLC reported a new stake in the home-shopping channel owner.
The stock surged as much as 24 per cent , the most intraday since November 2019, after Burry’s hedge fund added 5 million Class A shares valued at US$10.1 million, according to a regulatory filing Monday. The stake represents about 1.3 per cent of the company’s outstanding shares. Its Class B shares jumped as much as 66 per cent , the biggest gain since Aug. 15.
The hedge fund run by Burry -- who’s best known for betting against the housing market ahead of the 2008 crash -- also took positions in private prison company CoreCivic Inc. and rocket manufacturer Aerojet Rocketdyne Holdings Inc.
