Michael Burry has decided to close his hedge fund, Scion Asset Management, and has named Phil Clifton as his successor. Burry gained fame for betting against the housing market in the 2008 financial crisis. Last week, he revealed bearish positions against Nvidia and Palantir. Following this disclosure, tech stocks dropped, with Nvidia falling by 7.1% and Palantir by 11.2%. Burry’s decision to close his fund was communicated in a letter to investors, where he mentioned returning capital due to a misalignment with market valuations. Clifton, a talented investment thinker, is set to launch a new venture on Nov. 25.

Read more at Barchart: Who Is Phil Clifton? Michael Burry Names Successor as Famed Investor Deregisters Hedge Fund.