Investor Michael Burry, made famous in the 2015 movie "The Big Short," took to Twitter Sunday to theorize why Tesla’s Elon Musk decided to sell so many Tesla shares, and then deleted his Twitter account a short time later.
"He doesn’t need cash. He just wants to sell $TSLA," Burry tweeted, suggesting that Musk doesn't see much upside for the stock.
The specific reasoning behind Burry's move to delete his account wasn't entirely clear. Tesla and Burry’s Scion Asset Management did not immediately respond to after-hour emails from Fox Business. Burry has held short positions against Telsa in the past. Business Insider pointed out that he said in an interview in June that he was no longer shorting Tesla.
Musk has been criticized by some as being cavalier as of late when it comes to his stake in the company. He recently took an online poll asking followers if he should sell 10% of his stock in the company, and then trolled Sen. Bernie Sanders, asking the Vermont Independent if he’d like him to sell more shares.
Last week, the billionaire sold about 5.1 million shares worth about $5.9 billion. The Associated Press reported that about $1.1 billion of the proceeds will go toward paying tax obligations for stock options that were granted in September. CNBC reported that he still owns about 166 million shares in the company.
Burry pointed out that Musk moved from California to Texas, and in doing so, cut his tax bill, as Business Insider noted. He also pointed out how Musk took out personal loans against his shares of the company and now may have to pay back those obligations.
Bloomberg reported that the investor has been calling out Musk on the social media platform. Musk responded to a post about the investor’s comments, saying, "Burry is a broken clock."
The Associated Press contributed to this report