"It's not the first time Burry has taken aim at Tesla. The investor placed a bet against $530 million worth of Tesla shares in 2021 but exited the position a few months later, with Burry telling CNBC the move was 'just a trade.' Tesla did not immediately respond to a request for comment about Burry's post. Musk's EV maker is the latest tech giant to draw the investor's fire."
""Tesla's market capitalization is ridiculously overvalued today and has been for a good long time," Burry wrote, adding that he expects Musk's $1 trillion dollar pay package to continue to dilute the company's shares. "As an aside, the Elon cult was all-in on electric cars until competition showed up, then all-in on autonomous driving until competition showed up, and now is all-in on robots - until competition shows up," the legendary investor said."
Michael Burry called Tesla 'ridiculously overvalued' and warned that Elon Musk's $1 trillion pay package will continue to dilute the company's shares. Burry characterized enthusiastic support for Musk as repeatedly shifting between electric cars, autonomous driving, and robots until competition arrives. Burry disclosed bets against Nvidia and Palantir and criticized the AI boom as a bubble. Burry previously placed and later exited a $530 million bet against Tesla in 2021. Burry deregistered his hedge fund in November and launched a Substack where he posts his market views. Tesla shares trade at over 250 times its earnings, far higher than other carmakers.
Read at Business Insider
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