Michael Burry initiated a new position in PayPal Holdings Inc. through his firm, Scion Asset Management. He disclosed a 3.5% stake in the payments company via a Substack post. Burry acquired the shares at a price of $49 each.
Burry identified PayPal as a top pick within his software and payments universe. He ranked the company ahead of major industry players including Fiserv and Adobe.
The investor attributes the recent fintech selloff to technical factors rather than deteriorating business fundamentals. He believes this market movement created a strategic buying opportunity.