FOX Business’ Stuart Varney and Susan Li break down Friday’s market open.
Investor Michael Burry, who rose to national prominence after the 2015 film “The Big Short,” is making a sizable bet against Tesla, according to the latest regulatory filings from his investment firm Scion Asset Management.
Scion held put options on more than 1 million shares of Tesla as of June 30, according to the 13-F filing. At the time, the short position was valued at nearly $731 million.
Burry’s firm has added to its short position in recent months. In a previous filing, Scion held put options on 800,100 shares of Tesla stock as of March 31.
TESLA STOCK DROPS AS US GOVERNMENT INVESTIGATES AUTOPILOT SYSTEM
Tesla shares are down about 5% since January after a blockbuster 2020 that saw its stock rise more than 700%. The auto maker’s shares sank about 4% in trading Monday after federal safety regulators revealed a sweeping investigation into its “Autopilot” program following several crashes.
Wall Street Journal reporter Tim Higgins explains why Tesla is missing in action at the president’s address.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 686.17 | -31.00 | -4.32% |
Burry first revealed he was shorting Tesla last December, tweeting at the time that he felt the company’s stock valuation was “ridiculous.”
Scion’s regulatory filing also revealed a short position in Ark Innovation ETF, a fund managed by prominent investor Cathie Wood. Ark holds a significant stake in Tesla and other burgeoning tech stocks.
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Actor Christian Bale portrayed Burry in “The Big Short.” Based on a book by author Michael Lewis, the film chronicled Burry’s bet against the housing bubble that prompted the 2008 financial crisis.
