# EDGAR Filing Document

**Accession Number:** 0001104186
**File Stem:** 0001104186-23-000003
**Filing Date:** 2023-2
**Character Count:** 10159
**Document Hash:** 9d997ada75a0300ce6398736ea1e0d63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104186-23-000003.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104186-23-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASTERS CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001104186
- **IRS NUMBER:** 582440923
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05511
- **FILM NUMBER:** 23630476

**BUSINESS ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 4043642021

**MAIL ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MASTERS CAPITAL MANAGEMENT LLC<br>**Address:** 3060 PEACHTREE ROAD NW<br>SUITE 1425<br>ATLANTA, GA 30305

**Form 13F File Number:** 028-05511

**CRD Number (if applicable):** 000137605

**SEC File Number (if applicable):** 801-65894

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Mike Masters<br>**Title:** Managing Member<br>**Phone:** 404-364-2021

**Signature, Place, and Date of Signing:**

Mike Masters  Atlanta, GA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 55

**Form 13F Information Table Value Total:** $1315021860

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALCOA CORP | COM | 013872106 | BBG00B3T3HD3 | 4547000 | 100000 | SH |  | SOLE | 100000 | 0 | 0 | 0 |
| ALCOA CORP | COM | 013872106 | BBG00B3T3HD3 | 45470000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JVL2 | 44045000 | 500000 | SH | Call | SOLE | 500000 | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JVL2 | 44045000 | 500000 | SH | Call | SOLE | 500000 | 0 | 0 | 0 |
| AMBARELLA INC | SHS | G037AX101 | BBG001QZCPJ2 | 57561000 | 700000 | SH | Call | SOLE | 700000 | 0 | 0 | 0 |
| ANGEL OAK MTG INC | COM | 03464Y108 | BBG0113S8MK2 | 4730000 | 1000000 | SH |  | SOLE | 1000000 | 0 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 | BBG000BCZ341 | 23400000 | 3000000 | SH |  | SOLE | 3000000 | 0 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 | BBG000BCZ341 | 7800000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 | BBG000BCZ341 | 23400000 | 3000000 | SH | Call | SOLE | 3000000 | 0 | 0 | 0 |
| BRAINSWAY LTD | SPONSORED ADS | 10501L106 | BBG00N2K3XL3 | 2223000 | 900000 | SH |  | SOLE | 900000 | 0 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 | BBG00Y04KP80 | 21755000 | 500000 | SH |  | SOLE | 500000 | 0 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 | BBG000DSZTN6 | 11335000 | 500000 | SH |  | SOLE | 500000 | 0 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG000BF0K17 | 47912000 | 200000 | SH | Put | SOLE | 200000 | 0 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 31661000 | 700000 | SH |  | SOLE | 700000 | 0 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 90460000 | 2000000 | SH | Call | SOLE | 2000000 | 0 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 | BBG000BFRF55 | 32220000 | 2000000 | SH |  | SOLE | 2000000 | 0 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 32860000 | 1000000 | SH |  | SOLE | 1000000 | 0 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 32860000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 | BBG000BR1W32 | 34560000 | 3000000 | SH |  | SOLE | 3000000 | 0 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 | BBG000BR1W32 | 46080000 | 4000000 | SH | Call | SOLE | 4000000 | 0 | 0 | 0 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 | BBG000BG3TV0 | 21860000 | 2000000 | SH |  | SOLE | 2000000 | 0 | 0 | 0 |
| FERROGLOBE PLC | SHS | G33856108 | BBG00B6BGD99 | 9240000 | 2400000 | SH |  | SOLE | 2400000 | 0 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 | BBG000BFL116 | 74895000 | 500000 | SH | Call | SOLE | 500000 | 0 | 0 | 0 |
| FLOTEK INDS INC DEL | COM | 343389102 | BBG000C3TFS4 | 2240000 | 2000000 | SH |  | SOLE | 2000000 | 0 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 | BBG000BB1TH9 | 34660000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 | BBG000BB1TH9 | 34660000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 | BBG000BQPC32 | 55316500 | 5000000 | SH | Call | SOLE | 5000000 | 0 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 38000000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG000NDYB67 | 33640000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 | BBG000BKNX95 | 11165000 | 1100000 | SH |  | SOLE | 1100000 | 0 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 | BBG000BKNX95 | 20300000 | 2000000 | SH | Call | SOLE | 2000000 | 0 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 | BBG000KYNTQ5 | 24400000 | 800000 | SH |  | SOLE | 800000 | 0 | 0 | 0 |
| GREENBROOK TMS INC | COM NEW | 393704309 | BBG00MNZRMV6 | 1351000 | 700000 | SH |  | SOLE | 700000 | 0 | 0 | 0 |
| KB HOME | COM | 48666K109 | BBG000BMLWX8 | 12654610 | 397319 | SH |  | SOLE | 397319 | 0 | 0 | 0 |
| LIONS GATE ENTMNT CORP | CL B NON VTG | 535919500 | BBG00FFJY867 | 11403000 | 2100000 | SH |  | SOLE | 2100000 | 0 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 | BBG00ZXBJ153 | 37040000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 | BBG00TJGL0F0 | 2428000 | 100000 | SH |  | SOLE | 100000 | 0 | 0 | 0 |
| NOV INC | COM | 62955J103 | BBG000BJX8C8 | 20890000 | 1000000 | SH |  | SOLE | 1000000 | 0 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG000BS6FX9 | 10650000 | 1000000 | SH |  | SOLE | 1000000 | 0 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG000BS6FX9 | 10650000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG000BS6FX9 | 10650000 | 1000000 | SH | Put | SOLE | 1000000 | 0 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 | BBG000BQTMJ9 | 7600000 | 2000000 | SH |  | SOLE | 2000000 | 0 | 0 | 0 |
| SENSEONICS HLDGS INC | COM | 81727U105 | BBG00BR4Q8D7 | 7210000 | 7000000 | SH |  | SOLE | 7000000 | 0 | 0 | 0 |
| SEQUANS COMMUNICATIONS S A | SPONSORED ADS | 817323207 | BBG001LKFKJ8 | 3320000 | 1000000 | SH |  | SOLE | 1000000 | 0 | 0 | 0 |
| SNAP INC | CL A | 83304A106 | BBG00441QMJ7 | 8950000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| SONENDO INC | COM | 835431107 | BBG002082QR8 | 4315750 | 1525000 | SH |  | SOLE | 1525000 | 0 | 0 | 0 |
| SSR MNG INC | COM | 784730103 | BBG000C0RWX9 | 31340000 | 2000000 | SH |  | SOLE | 2000000 | 0 | 0 | 0 |
| SUNRUN INC | COM | 86771W105 | BBG0025XVR85 | 7206000 | 300000 | SH | Call | SOLE | 300000 | 0 | 0 | 0 |
| TELOS CORP MD | COM | 87969B101 | BBG000BK34C7 | 8653000 | 1700000 | SH |  | SOLE | 1700000 | 0 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 | BBG000BH5LT6 | 13680000 | 3000000 | SH |  | SOLE | 3000000 | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 24730000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 24730000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 | BBG000M65M61 | 37700000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG000BN5LG7 | 16970000 | 1000000 | SH | Call | SOLE | 1000000 | 0 | 0 | 0 |
| VENUS CONCEPT INC | COM | 92332W105 | BBG001YK8KJ2 | 1600000 | 5000000 | SH |  | SOLE | 5000000 | 0 | 0 | 0 |

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