‘Big Short’ Michael Burry Says He Hasn’t Closed Tesla Short Position Yet
Prominent investor Michael Burry said he is ramping up bearish bets on several technology stocks, adding short positions in Nvidia and the VanEck Semiconductor ETF while insisting that he has not closed his positions. of profitable short bets. Michael Burry is world-famous for accurately predicting and shorting the 2008 U.S. subprime mortgage crisis. He is also the prototype of the protagonist in the Oscar-winning film "The Big Short." "I'm not closing my short Tesla position. It's getting smaller on its own," Burry wrote in a new post on Substack on Friday. The electric car maker's shares plunged 15% on Thursday after disappointing quarterly earnings. The stock fell another 3% on Friday, extending July's cumulative decline to about 26%, with the stock price falling to about $308. Burry said in late June that he was shorting Tesla at $416.22. Burry said he continues to hold a sizable Nvidia put option position and continues to short the Invesco QQQ Trust and Palantir Technologies through put options. In explaining his Nvidia investment rationale, Burry argued that demand for AI infrastructure is driven more by financing arrangements than end-customer demand. He said a "significant portion, possibly even a majority" of current and future needs are met through off-balance sheet revolving financing arrangements.