<p><strong><img src="https://static5.businessinsider.com/image/5fce59a1eadd8400183df7d3-1259/screen shot 2015-11-24 at 11.15.42 am.png" border="0" alt="Dr. Michael Burry" data-mce-source="Getty Images/ Astrid Stawiarz"></strong></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>Michael Burry's fund sold its 1.7 million GameStop shares before the buying frenzy.</strong></li><li><strong>"The Big Short" investor potentially missed out on more than $750 million in profits.</strong></li><li><strong>Burry's Scion fund also exited Alphabet and Facebook, and bet on Kraft Heinz.</strong></li><li><strong><strong><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</strong></strong><hr></li></ul><p>Michael Burry cashed out his <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> shares last quarter, meaning he probably missed out on the <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1-1030009280">Reddit-fueled buying frenzy</a> that boosted the video-game retailer's stock up <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-day-traders-robinhood-eases-buying-restrictions-2021-1-1030019304">as much as 2,500%</a> last month.</p><p>Burry is best known for his billion-dollar bet against the US housing-market bubble, which was chronicled in the book and movie "The Big Short."</p><p>His hedge fund, Scion Asset Management, <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393">laid the groundwork</a> for the GameStop rally when it bought a stake in 2019. It still owned 1.7 million shares at the end of September.</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More: </em></strong><em data-stringify-type="italic"><a href="https://www.businessinsider.com/exclusive-asset-manager-divests-exxon-stocks-climate-concerns-2021-2" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/exclusive-asset-manager-divests-exxon-stocks-climate-concerns-2021-2" data-sk="tooltip_parent">EXCLUSIVE: An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change</a></em></p><p>However, Scion owned zero GameStop shares as of December 31, it revealed in a <a href="https://www.sec.gov/Archives/edgar/data/1649339/000156761921003819/xslForm13F_X01/form13fInfoTable.xml">quarterly filing</a> on Tuesday.</p><p>Burry's firm likely left a huge amount of money on the table. Its GameStop shares were worth about $17 million at the end of the third quarter. Assuming it sold the entire position for $20 a sharethe top end of GameStop's trading range last quarterit netted a cool $34 million.</p><p>If Burry had waited until late January and sold the shares at the peak price of $483, Scion would have raked in $823 million. Even if Burry didn't cash out, the shares would be worth $85 million today.</p><p>Scion didn't immediately respond to a request for comment from Insider.</p><p>Burry made several other changes to Scion's portfolio last quarter. He sold its bullish call options on Google-owner Alphabet and Facebooktwo of the fund's largest positions in the third quarteras well as Bank of America, JPMorgan, and Goldman Sachs.</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More:</em></strong><em data-stringify-type="italic"> </em><em data-stringify-type="italic"><a href="https://www.businessinsider.com/investing-strategy-bitcoin-etf-us-outlook-5-things-to-know-2021-2" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/investing-strategy-bitcoin-etf-us-outlook-5-things-to-know-2021-2" data-sk="tooltip_parent">Canadian regulators just approved the world's first Bitcoin ETF. Here are the 5 things investors need to know about the outlook for a US version</a></em></p><p>On the other hand, Scion bought call options on Citigroup and Kraft Heinz shares, and took stakes in Wells Fargo and Molson Coors.</p><p>Overall, Burry concentrated Scion's portfolio from 30 holdings down to 23 holdings last quarter, which helped to reduce its total value from $330 million to $225 million. He may have needed to free up some cash to fund his <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-predicts-tesla-stock-price-housing-bubble-2021-1-1029943006">Tesla short</a>.</p><p><a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-sold-gamestop-stock-q4-missed-rally-2021-2-1030088508#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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