Stripe and private equity giant Advent International have reportedly teamed up to float a massive $53 billion takeover bid for PayPal Holdings Inc. (NASDAQ: PYPL).

At $60.50 per share, the joint offer represents a 28% premium to Tuesday’s closing price of $47.37. But for "Big Short" legend Michael Burry, that number isn’t a victory lap—it’s a lowball opening move.

Burry, who recently made PayPal one of his top deep-value convictions, immediately poured cold water on the proposed price tag.

"The bid is at 1.21x IV15 and simply too low," Burry wrote, referencing his intrinsic value metrics. "This validates the value in PayPal, and I believe the bid will have to rise."

According to Burry, PayPal is currently one of the cheapest, highest-quality businesses in his entire portfolio. He argues that the stock is already trading severely below its intrinsic value (IV). Therefore, any successful takeover must bake in a massive control premium on top of an already higher baseline valuation.

Burry isn’t just rejecting the offer; he brought the receipts to show exactly what a fair buyout should look like:

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  IV10 Valuation: Places PayPal’s baseline value between $75 and $80.

  
  


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  IV8 Valuation: Pushes the baseline even higher, to between $110 and $115.

  
  


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  The Magic Number: Burry argues that combining his IV10 calculation with a standard control premium puts a realistic winning bid at roughly $100 per share.

  
  

For Burry, a $53 billion valuation is just a conversation starter.

"$60.50 is just too low. I am not selling, and I believe it is only an opening bid," he declared.

If Burry’s read on the room is right, Stripe and Advent are going to have to dig a lot deeper into their pockets to take the digital payments pioneer off the public market.