Michael Burry — the man who famously predicted and bet on the 2008 housing market crash — recently expressed his opinion on the ****** eX (SPCX) initial public offering (IPO). Rather unsurprisingly, Burry isn't impressed by ****** eX's high valuation, saying that the market has become too caught up in artificial intelligence (AI) and related industries.
Even though he is unimpressed by the high valuation, Burry also refuses to short SPCX stock, saying that none of the put options looked attractive considering the risk he would have to take. Without a doubt, one component of this risk is Elon Musk, who made short sellers pay dearly when raising Tesla (TSLA) to become an electric vehicle (EV) giant. Burry called ****** eX a number of things — including a "bedeviled social media company," referring to the company's ownership of X (formerly Twitter) — and is appalled that a company generating less than $20 billion in revenue is worth more than a company like Berkshire Hathaway (BRK.A).
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