Burry Big Short Investor Tesla | The new automotive industry is strongly opposed to

The family office run by Michael Burry, one of the investors featured in The Big Short book and film, reportedly has a short position worth more than $ 500 million to bet on Tesla shares.

The family office run by investor Michael Burry of The Big Short has unveiled a short-term betting position against Tesla Inc. shares worth more than half a billion dollars.

Scion Asset Management said in a regulatory filing on Monday that by the end of the first quarter it had put $ 534 million worth of Tesla shares in $ 534 million.

Put options give investors the right to sell their shares at a certain price in the future.

In the book The Big Short and the film of the same name, one of the investors with a profile for betting more than a billion dollars against the U.S. housing bubble, Burry has been skeptical about Tesla’s high values.

In February, he tweeted “my last short short is getting bigger and bigger and bigger,” citing Tesla’s rise in market capitalization. “Enjoy it while it lasts,” he said.

Driven by strong sales and the company’s first-year earnings, Tesla shares jumped more than eight times last year to a record high of $ 883 in January. But since then hedge fund managers have fallen due to excessive Tesla.

Shares closed Monday at $ 576, and the electric car maker was valued at about $ 555 billion.

Burry also said last year that the green regulatory credits used by Tesla to make a profit will decrease as sales of Fiat Chrysler Automobiles (FCA) increase.

Stellantis, created through a merger of Italy’s FCA and France’s PSA, said this month that it hopes to meet its European carbon dioxide emissions targets this year without the environmental credit it bought from Tesla.

Scion, which has no foreign capital, also raised its energy exposure in the last quarter, adding 530,000 shares in Golden Ocean Group, 323,823 shares in SunCoke Energy and 225,000 shares in Occidental Petroleum.