This company is disgustingly and ridiculously overpriced, the legendary Michael Burry lashed out at the software giant

Burry's on the rampage again. For several years they have been talking repeatedly about the exorbitant prices of the whole sector or even the market. But this time he has taken on a particular company! Who does he blame for the exorbitant price?

Burry took a swipe at the software giant on Twitter

Burry has often made public comments to the effect that the entire market is still not right and is marked by a long period of prosperity and ill-advised retail investments. That has changed a bit recently as the markets have been awash in the blood of overpriced tech stocks and unsophisticated investors. But despite that, Burry still thinks some companies aren't fairly valued at all - Salesforce $CRM-1.9%, for example.

Despite the nearly 40% drop, Burry has a problem with Salesforce's valuation

In an effort to cut costs, the company has resorted to massive layoffs, shrinking office space, and exiting some real estate markets. Salesforce said the layoffs and broader restructuring plans will cost $1.4 billion to $2.1 billion.

"The environment remains challenging and our customers are taking a more considered approach to their purchasing decisions," CEO Marc Benioff wrote in a letter to employees explaining the job cuts.

"In light of this, we have made the very difficult decision to reduce our workforce by approximately 10%, mostly over the next few weeks."

"I've thought a lot about how we arrived at this point. As our revenues have accelerated due to the pandemic, we have hired too many people, which has led to the economic downturn we are now facing, and I take responsibility for that."

Investigations are always good news and a good sign for shareholders. But one investor is neither convinced nor reassured. He argues that Salesforce should have been punished even more after the announcements.

Well, who should that be but Michael Burry, who probably needs no further introduction. And he made just that known in the usual way - with a tweet.

https://twitter.com/michaeljburry/status/1610838576908079104

"CRM was supposed to drop another 25% due to layoffs." He just doesn't see any reason to keep the company.

Burry's criticism unsurprisingly sparked a lot of comments on Twitter. Some users accused him of saying that job cuts are good for the software giant's bottom line. "They weren't generating revenue - they were going straight to net profit," Monolith Technologies CEO John S. Boyd commented. "The stock should go up. "
But Burry goes on to defend himself, saying, "CRM is on a multiyear decline. The competition is catching up with the declining market."

Michael Burry

I wrote that he needed no introduction - but for the record.

The investor who runs the hedge fund Scion Asset Management has been predicting a crash in the technology sector, marked by waves of mass layoffs, again for months or years. The cycle has proved him right, as most tech groups rely on job cuts to adjust to the economic downturn.

https://www.youtube.com/watch?v=azk4DciTzng

He has long been accused of being all "scaremongering and nothing to show for it" since 2008. But Burry's track record isn't that bad.

The 2008 financial crisis, one of the biggest financial debacles in history, made Burry a legend. It has made him one of the examples to follow in defying standard practices in financial circles.

The 2015 film"The Big Short" describes how an investor who had no special knowledge of finance and real estate realized that the industry had become an extremely shaky house of cards. Bankers created exotic products based on mortgages given to financially weak households and borrowers with poor credit. The road to hell. And that's what Burry decided to bet against - and won.

If you enjoy my articles and interviews, feel free to throw a follow. Thanks! 🔥

Disclaimer: This is in no way an investment recommendation. This is purely my summary and analysis based on data from the internet and other sources (YTB, Twitter, IMDB. TheStreet). Investing in the financial markets is risky and everyone should invest based on their own decisions. I am just an amateur sharing my opinions.

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Almost most important is what the Federal Reserve does. The U.S. Federal Reserve is tasked with not only keeping unemployment low, but also keeping prices in check throughout the economy.

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