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Investor Michael Burry thinks Elon Musk just wants to sell Tesla shares

Business and Finance

Elon Musk sells Tesla shares to profit from twelve-fold growth in Tesla share value

Investor Michael Burry thinks Elon Musk just wants to sell Tesla shares

Elon Musk isn't selling Tesla shares because he doesn't have enough money: "He just wants to benefit from an attractive valuation of the automaker's shares," Michael Burry tweeted Sunday.

Let's face it. @Elonmusk borrowed 88.3 million shares, sold all his mansions, moved to Texas. He doesn't need money. He just wants to sell TSLA for $, ”Burrie said.

"Burry is a broken watch," Musk replied to the Twitter statement.

An investor known for The Big Short said last week that Musk had taken out personal loans against his shares; he suggested that the Tesla CEO might sell shares to pay off those debts. Musk recently pledged to sell 10% of his Tesla shares, based on a Twitter poll, and cashed out nearly $ 7 billion in shares last week.

Burry's tweet highlights that Musk cut his tax bills by moving from California to Texas last year, sold most of his $ 100 million real estate portfolio, and told Sen. Bernie Sanders on Sunday that he would sell more shares at the request of the lawmaker. ... According to the investor, Musk does not need the money, but he wants to profit from the nearly twelvefold rise in Tesla's stock value since the beginning of last year.

In a follow-up tweet on Sunday, Burry pointed to a chart of Tesla shares and Musk's tweet that the share price was "too high" when the EV company was valued at less than one-fifth of its current level. “Think about it,” Burry said.

Burry has repeatedly referred to Tesla as the symbol of a huge asset bubble. In December 2020, he called its share price "ludicrous," predicted earlier this year that stocks would crash like the mid-2000s housing market, and suggested that stocks could drop 90%.

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