Michael Burry of ‘The Big Short’ reveals a $530 million bet against Tesla
Publishing timestamp: 2021-05-17 18:20:06
Summary
Michael Burry has revealed a short position against Tesla worth over half a billion dollars. He believes Tesla's reliance on regulatory credits to generate profits is a red flag for the company's long-term prospects. Tesla has faced challenges in 2021, including slumping sales in China and parts shortages. Burry, known for his successful bets against mortgage securities, has also profited from a long GameStop position. Tesla's profitability has been supported by the sale of regulatory credits to other automakers, but the company is facing delays in production and delivery of its vehicles. CEO Elon Musk's tweets about cryptocurrencies have also contributed to volatility in Tesla's stock.
Sentiment: NEGATIVE
Tickers: TSLA,
Keywords: investment strategy, breaking news: investing, breaking news: business, hedge funds, technology, autos, elon musk, tesla inc, wall street, business news, stock markets, breaking news: markets, bitcoin/usd coin metrics, markets,