Shares of Tesla (TSLA) have been on a tear recently, up 740% in 2020 alone. This week it reached all-time highs trading at nearly $900 per share.
One investor who predicted the US housing market crash two years before it happened says the automaker will suffer a similar fate.
Michael J. Burry, who was portrayed by Christian Bale in the hit movie “The Big Short”, said on Twitter this week Tesla’s rapid rise is just like the housing market.
“Well, my last Big Short got bigger and bigger and BIGGER too,” Burry tweeted on Thursday. That was followed up with another tweet, “Enjoy it while it lasts.” Both tweets have since been deleted.
These latest tweets come after Burry revealed last month he was shorting the stock. In a tweet on December 2, 2020, that has also since been deleted, he advised Musk to issue more shares while they’re at their “current ridiculous levels.” Share prices have increased 55% since then, going from$568.82 on December 2 to $880.02 on yesterday’s close.
Disclaimer: Mike is a shareholder of Tesla, and has no plans to change positions within 72 hours.
Source: Business Insider
