Varney: Musk’s effect on market is worrisome
FOX Business’ Stuart Varney argues that Elon Musk is manipulating the crypto market.
Michael Burry, the investor who was played by actor Christian Bale in the 2015 movie, "The Big Short," is apparently bearish on Tesla after it was revealed that his asset management company owned short positions against shares of the carmaker as of March 31, reports said.
Bloomberg reported that Elon Musk’s car company is down about 35% from its peak on Jan. 26, after an explosive year in 2020. The report said it is impossible to know when Scion Asset Management purchased the long puts against 800,100 shares of Tesla.
‘TESLA HAS NOT SOLD ANY BITCOIN,’ ELON MUSK SAYS
The position was worth about $534 million, the news site reported, citing a regulatory filing.
Neither company responded to an after-hours email from Fox News.
Steve Sosnick, a chief strategist at Interactive Brokers LLC., told Bloomberg that Burry seems to be "expressing the type of skepticism that many have on Tesla."
"I would have to believe that he accumulated various Tesla options at various strikes, and some of them probably have expired," he said.
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Tesla last month posted its seventh-straight profitable quarter.
The company made $438 million in the three-month period that ended March 31, as sales more than doubled the same period last year to nearly 185,000 vehicles.
Tesla said adjusted net income, excluding stock-based compensation, passed $1 billion for the first time in company history.
The Associated Press contributed to this report
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