Autonomous Vehicle News
Michael Burry’s Scion Asset Management has purchased 800,000 Tesla put options, worth $534mThe electric vehicle giant is facing two challenges to its enduring success: questions over its green credentials, and the legitimacy of its driverless vehicle claimsWhen Michael Burry – famed for profiting handsomely from the 2008 subprime mortgage crisis – makes a big call, investors tend to listen. Especially if he is selling something short. That’s why markets are rippling with chatter following the publication of his hedge fund’s latest quarterly filing with the US Securities and Exchange Commission (SEC): Scion Asset Management has purchased put options on 800,100 Tesla (US:TSLA) shares worth over half a billion dollars. Scion’s Tesla short shouldn’t come as a surprise – Burry has long expressed unease at the way the company makes money and is being managed. At $534m (£377m), the Tesla put options are Scion’s biggest single holding, accounting for roughly 40 per cent of the fund’s portfolio.