Michael Burry is raising the price of his Substack. Stocktwits reported, in a piece also carried by Yahoo Finance on or about October 23rd, 2026, that the monthly subscription to Cassandra Unchained will go from $49 to $69 and the annual fee from $479 to $679, with both changes taking effect November 1st. Both increases are more than 40%.

The price change landed alongside the market call it is attached to. In a separate Stocktwits report published on or about October 25th, 2026, Burry described the current market as "uncannily close" to 2000 and said the S&P 500's internal breadth looks unusually weak even with the index near record highs. In a Substack chat he pointed subscribers to four wrecked names: Adobe, Fiserv, Birkenstock and QXO.

What happened

According to Stocktwits, Burry's official subscription page now shows more than 342,000 subscribers, up from 300,044 in July, growth of about 14%. The outlet calculated that 342,000 subscriptions at the new $679 annual rate would imply roughly $232.2 million in annual gross revenue, about 104% above its own July estimate of $113.7 million, which used 300,044 subscribers and a $379 annual fee.

Stocktwits caveated that figure heavily, and the caveat matters more than the number. The estimate assumes every subscriber pays the new annual rate. Burry's audience includes free readers, existing subscribers can keep lower rates, and his actual revenue and paid-subscriber count are not disclosed. No verified revenue figure exists.

The four names

Burry wrote in the chat quoted by Stocktwits and Yahoo Finance that in a severe or elongated bear market, busted stocks can be a haven, citing ADBE, FISV, BIRK and QXO perking up as the Nasdaq 100 fell nearly 900 points. Fiserv is rendered as FISV in Burry's message and in the Stocktwits copy; the company's currently listed symbol was not independently confirmed here.

On the Thursday of that tech selloff, Stocktwits reported, the SPDR S&P 500 ETF fell 1.2%, the Invesco QQQ Trust fell 2.9% and the SPDR Dow Jones Industrial Average ETF edged up 0.04%. Adobe rallied 6.1%, Fiserv gained 5.4% and Birkenstock advanced 4.2%. Stocktwits noted three of the four names, not all four, outperformed the benchmarks. The reporting does not say what drove those individual moves, and nothing in our own record attaches a filing or a company statement to that day.

Readers tracking Adobe should be clear on what this is: a newsletter call, not an insider transaction. There is no purchase, no disclosure and no company comment underlying any of it.

What the record shows

Per Stocktwits, Burry split the S&P 500 into Leaders (within 10% of their 10-year highs), Broken stocks (down 20% to 40% from those highs) and Busted stocks (down more than 40%). As of the October 6th record high, he said 23% of S&P 500 stocks were already Busted, with the median Busted stock down 55%, against 32% Busted and a median 52% decline in 2000.

His historical comparison, as reported: after the March 2000 peak, leaders lost about 33% over the following year and 50% over 18 months, while the median beaten-down stock was up 14% after one year and 8% after 18 months. Burry cautioned that a 40% drawdown does not by itself make a stock cheap. He screens on owners' earnings, return on invested capital and valuation, cited AppLovin as having one of the highest ROIC figures in the Busted group even after adjusting for stock-based compensation, and warned that this is "not shooting fish in a barrel."

What to watch

Burry's own stated conclusion leaves the outcome open: time will tell whether this is a 2000 redux with the Busted outperforming the Leaders, or simply another bear market in which the Busted fall alongside them. He sees money potentially rotating outside the index into smaller companies and small-cap value. In the same price-increase report, Stocktwits said he separately flagged a possible accounting risk at Nvidia, without the substance of that claim being set out in the copy reviewed.

One more framing from Stocktwits, offered for scale rather than as fact: the $232.2 million estimate is about 9.6 times the $24.2 million gain an investor would have made this year by putting $1 million into each of the S&P 500's 10 best-performing stocks, turning $10 million into roughly $34.2 million.

Burry's post is paywalled and was not read directly. Every figure here is as reported by Stocktwits on or about October 23rd, 2026 and October 25th, 2026, with the same copy republished by Yahoo Finance and TradingView News. Benzinga covered the same analysis separately on or about October 21st, 2026. No outlet reviewed reported figures that conflict, but the identical numbers across those sites trace to one source, not three.

Informational only, not investment advice.