How much ‘Big Short' Michael Burry lost on Adobe stock bet

Core Viewpoint - Adobe's stock experienced a significant rally due to rumors of a major investment by Michael Burry, but subsequently faced a sharp decline, indicating potential losses for Burry unless he invested at lower prices earlier in February [1][4][5]. Stock Performance - Adobe stock started at $260.88 on March 2 and rose by 8.72% to $283.62 by March 6, but then dropped 4.88% by March 12, and further declined by 8.77% to $246.12 by March 13, nearing its 52-week low of $244.28 [2][5]. - The stock's decline appears to be influenced by the announcement of CEO Shantanu Narayen stepping down, despite a positive earnings report that exceeded revenue and EPS forecasts [7]. Earnings Report - Adobe reported revenue of $6.40 billion, surpassing the forecast of $6.28 billion, and earnings per share (EPS) of $6.06, exceeding the expected $5.87 [7]. - The trend of strong earnings followed by stock market declines has been observed in other major tech companies, suggesting a broader market phenomenon [8].