Michael Burry Trims Veeva and PayPal Positions After Big Runs

Michael Burry updated Substack followers on Aug. 28 about trims to two positions: Veeva Systems and PayPal Holdings.
Veeva stock nearly doubled in about 10 weeks, from a low of $150.39 on June 18 to $285 by late August, after a clean Q2 fiscal 2027 earnings beat: revenue grew 18% year-over-year to $928 million versus $905 million expected, and adjusted EPS came in at $2.35 versus $2.22 expected. Burry trimmed the position to around 3% of his portfolio but kept it, saying he's "more or less playing with the house's money."
PayPal shares had jumped more than 40% this quarter on takeover interest from a consortium of Advent and Stripe, which would have valued the company at $53 billion, combined with a solid Q2 earnings beat. Burry reduced his position before the news broke, citing risk balancing, and said he'd add back if shares fall to the mid-$40s. On Aug. 28, Bloomberg reported Advent and Stripe had abandoned the pursuit, and PayPal shares dropped as much as 14.4% at the open, their steepest single-day decline since February. PYPL is down 9.22% year-to-date and 24.32% over the past year.