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 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.
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.
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.