Michael Burry’s $39 a month Substack hits 300,000 subscribers, fueling speculation of a $113M-a-year newsletter empire
Aditi Ganguly
Thu, July 23, 2026 at 4:25 PM GMT+5:30
10 min read
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Michael Burry’s latest move has become a big success — but it’s not a stock pick, exactly. It’s a newsletter and it could be netting him millions
Burry, the investor who became famous for The Big Short, the 2015 film that tells the story of how he predicted the subprime mortgage crisis, has been writing his Cassandra Unchained newsletter on the platform Substack since November 2025
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Burry revealed in a recent post that he’s passed the milestone of 300,000 subscribers (1)
“Less than eight months into this new and intense adventure that is Cassandra Unchained, I am stunned and humbled by the unique, thoroughly enjoyable community of awesome people we have all created at CU,” Burry wrote
The internet was quick to focus on another aspect of this milestone, however: how much money Burry could be making from his newsletter
Making millions?
In November 2025, Burry deregistered his hedge fund, Scion Asset Management, with the SEC and launched his newsletter. The newsletter was a vehicle to “lay out in detail his increasingly bearish thesis on artificial intelligence,” a CNBC report said at the time (2)
According to StockTwits, the Substack quickly gained more than 60,000 subscribers, as Burry posted his “first AI-focused essays and intensified his criticism of Nvidia Corp. over stock-based compensation, hyperscaler spending and accounting practices” (3)
He has made trade disclosures including bearish positions on Nvidia (NASDAQ: NVDA), Palantir (NASDAQ: PLTR), Applied Materials (NASDAQ: AMAT), the iShares Semiconductor ETF and Tesla (NASDAQ: TSLA), StockTwits reported
As Burry shared the news that he had hit 300,000 subscribers, there was speculation as to how much money the newsletter venture was making
Subscriptions to Cassandra Unchained go for a hefty $39 a month, $379 per year, but it also has a free tier and subscriber numbers include those who read for free
Although Substack does not disclose numbers of paid subscribers, Cassandra Unchained does have a purple Substack “Bestseller badge” (4), which indicates tens of thousands of paid subscribers. It’s also ranked No. 2 in Substack’s finance category (5)
