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

Adobe (NASDAQ: ADBE) stock enjoyed a significant rally on March 3 and March 4 as rumors that the legendary ‘Big Short’ investor Michael Burry made a ‘significant’ investment in the software company.

By early morning on March 13, however, the situation took a significant bearish turn, and the famous short trader might already be down on the supposed purchase of ADBE shares.

Specifically, Adobe stock started its latest rally at $260.88 on March 2 and then rose 8.72% to its recent $283.62 high on March 6. Regular session performance has been downward since, as it featured a 4.88% drop by the closing bell on March 12, but the subsequent extended session turned into a rout.

Indeed, by press time on March 13, ADBE is another 8.77% down, having fallen from $269.78 to $246.12: only some $2 higher than the 52-week low of $244.28.

Here’s how much Michael Burry lost on Adobe stock

The Adobe stock situation on Friday morning indicates that the ‘Big Short’ investor Michael Burry is guaranteed to have lost money on ADBE shares unless he invested in late February near the lows recorded on the 23rd day of the month.

Elsewhere, thanks to Scion Asset Management getting deregistered in late 2025, the actual portfolio of the legendary short trader is impossible to assess accurately, and, by press time, there is no reliable indication of the scale or nature of the supposed bet on the software company.

Still, considering the timing of the rumor, it appears unlikely that Burry lost more than 6.21% with the drop from the February 27 price of $262.41, or 5.66% with the drop from the March 2 price of $260.88.

Why Adobe stock is crashing

As for ADBE stock’s latest extended session drop, it appears driven by the news that the long-time CEO Shantanu Narayen will be stepping down from his company, as the earnings report that accompanied the revelation was positive.

Specifically, Adobe unveiled that it beat both the revenue – revealing $6.40 billion instead of the forecasted $6.28 billion – and earnings per share (EPS) – with $6.06 rather than the $5.87 expected – forecasts.

The filing, however, can be seen as a continuation of the trend for major technology companies to unveil strong earnings and then suffer a stock market crash. So far, the most dramatic examples of the phenomenon came from Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), and Advanced Micro Devices (NASDAQ: AMD).

It could also solidify Oracle’s (NASDAQ: ORCL) strong post-filing rally as an exception that proves the rule, so to speak.

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