Investor Michael Burry, who rose to national prominence after the 2015 movie “The Tremendous Rapid,” is making a huge bet against Tesla, per the most up-to-date regulatory filings from his funding firm Scion Asset Management.
Scion held set up alternate choices on extra than 1 million shares of Tesla as of June 30, per the 13-F submitting. On the time, the short procure 22 situation become as soon as valued at almost $731 million.
Burry’s firm has added to its short procure 22 situation in latest months. In a old submitting, Scion held set up alternate choices on 800,100 shares of Tesla stock as of March 31.
Tesla shares are down about 5% since January after a blockbuster 2020 that seen its stock rise extra than 700%. The auto maker’s shares sank about 4% in Trading Monday after federal security regulators published a sweeping investigation into its “Autopilot” program following several crashes.
Burry first published he become as soon as shorting Tesla final December, tweeting on the time that he felt the firm’s stock valuation become as soon as “ridiculous.”
Scion’s regulatory submitting additionally published a short procure 22 situation in Ark Innovation ETF, a fund managed by illustrious investor Cathie Wood. Ark holds a significant stake in Tesla and other burgeoning tech stocks.
Actor Christian Bale portrayed Burry in “The Tremendous Rapid.” Based completely on a guide by author Michael Lewis, the movie chronicled Burry’s bet against the housing bubble that precipitated the 2008 monetary disaster.