Stocks

October 18, 2021

Burry Abandons Mega Tesla Bet

World-famous bear Michael Burry has reportedly abandoned a multi-million dollar bet against Elon Musk’s Tesla. ðŸŧ 📉

The news comes just days before Tesla is set to announce earnings — Tesla’s numbers are expected to be beefy this quarter (and we’ll be covering them in the Rip later this week.)

At the end of Q2 2021, Burry owned more than 1.07 million puts contracts in Tesla. The contracts’ cumulative value was worth over $731 million, according to Fintel. 💰 💰

Since Burry reported his bet against the EV company on Mar. 31, 2021, the price of $TSLA stock has risen over 30%. Ouch.

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Burry (of “The Big Short” fame) is credited with predicting the housing crash in ’08. However, he has more than his fair share of incorrect bets, and Tesla might end up being one of the costlier ones.

In the latest quarterly report, Burry was shorting treasuries, betting against growth stocks and Cathie Wood’s ARK Innovation ETF. He also bet on companies like Walmart, Kraft Heinz, and Facebook. Check out his fund’s latest holdings here.

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Investors Chew On New Opportunities

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