Tesla
TSLA,
short sellers, caught on the wrong end of a $38 billion hit in 2020, suffered “the largest yearly mark-to-market loss” Ihor Dusaniwsky of S3 Partners has ever seen.
One of those under water on that trade: Michael Burry.
The investor, made famous in the book and film, “The Big Short,” for his prescient bet against the U.S. housing market, announced in early December that he was shorting Tesla at “ridiculous” levels.
It’s been ugly for Burry and the rest of the shorts since then, with the Tesla shares up more than 44% in the past month. Over the past year, the stock has exploded for a gain of 820%, making CEO Elon Musk the richest man in the world. On Friday, Tesla stretched its record winning streak to 11 sessions in a row, closing at another record.
Burry, however, doesn’t seem to be budging.
“Well, my last Big Short got bigger and bigger and BIGGER too,” Burry said Thursday in a now-deleted tweet. “Enjoy it while it lasts.”
And enjoy it they did, with the stock rallying 8% on that day alone.
This article is auto-generated by Algorithm Source: www.marketwatch.com
