Burry of ‘Big Short’ Fame Places Big Bet Against Musk, Tesla
- Date: 18-May-2021
- Source: Yahoo News
- Sector:Transport
- Country:Middle East
Burry of ‘Big Short’ Fame Places Big Bet Against Musk, Tesla
(Bloomberg) -- Michael Burry, the investor who rose to fame for making in billions off bets against mortgage securities during the financial crisis, has placed a sizable wager against Elon Musk’s Tesla Inc.
Burry’s Scion Asset Management owned bearish puts against 800,100 shares of the electric-car maker as of March 31, according to a regulatory filing Monday. The puts give Scion the right to sell Tesla shares on or before an unidentified date in the future.
Tesla shares closed at an all-time high of $883.09 on Jan. 26, after a yearlong rally jolted the stock higher by almost 700%. It had lost a quarter of its value by the end of March, and is down 35% from its peak as of the close Monday.