Firm led by famed investor reveals short position on Tesla
BERKELEY, Calif. (Reuters) -A firm led by high-profile investor Michael Burry on Monday revealed a short position against Tesla Inc worth more than half a billion.
Family office Scion Asset Management said in a regulatory filing that it has bearish put options of 800,100 shares of Tesla or $534 million by the end of the first quarter.
Tesla shares have fallen 13.7% since the end of the quarter as many hedge fund managers have raised concerns about money flooding into the popular stock.
Burry, a former neurologist was made famous for his successful bet against the U.S. housing market when he spotted the risk of rising loan defaults.
Scion, which does not hold external capital, also upped its exposure to energy last quarter, adding 530,000 shares in Golden Ocean Group, 323,823 shares in SunCoke Energy and 225,000 shares in Occidental Petroleum.
Hedge funds have been expecting energy companies to benefit from the global economic recovery from the global pandemic.
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