Legendary investor Michael Burry has revealed a short position against Tesla worth more than half a billion.
Burry, one of the first investors to call and profit from the subprime mortgage crisis, is long puts against 800,100 shares of Tesla or $534 million by the end of the first quarter, according to the filing with the U.S. Securities and Exchange Commission.
Tesla shares have dropped nearly 20% in 2021 after surging a whopping 740% in 2020.
Tesla’s shares hit a record $883 in January but have since fallen back and closed at $576 on Monday.
In February, Burry tweeted about Tesla’s share price rise: “Enjoy it while it lasts.”
Burry is one of the investors who was profiled in the book “The Big Short”. A film of the same name has been made that covers Burry betting more than a billion dollars against the US housing bubble.