Michael Burry Announced He is in a Sales Position at Tesla

Michael Burry Announced He is in a Sales Position at Tesla Michael Burry, who was instrumental in the filming of the movie "The Big Short" with his position against the housing market, announced in a tweet on Tuesday that he is in a sales position at Tesla.

• The free fund manager, recommended CEO Elon Musk, who sits at "mind-boggling" levels, to release more shares.
• "This does not mean a reduction in earnings per share. It is about consolidating permanence without coercion," he added.
• Tesla fell as low as 7.1 percent and traded roughly 3 percent lower on Wednesday before equalizing losses.

Explaining that he is in a selling position in Tesla, famous investor Michael Burry advised CEO Elon Musk, who sits at "unimaginable" levels, to sell more shares. The process of joining the S&P 500 and the waning of profitability concerns were factors that supported Tesla's shares to rise by more than 575 percent this year. The positive outlook of some of Wall Street's bearish analysts on the stock and support for a wave of retail investors further solidified Tesla's high valuation. Michael Burry reiterated his pessimistic view of the company in a tweet he posted late Tuesday. He stated that Musk had to take advantage of very high stock prices to get more cash. The hashtag used by Michael Burry seemed to refer to Musk's remarks in an e-mail sent to Tesla employees on Tuesday that his shares could "be crushed like a souffle under a sledgehammer" if costs are not controlled. The automaker's share price fell 7.4 percent on Wednesday morning and traded about 3 percent lower, before equalizing its losses. Tesla offers a high market value in the industry but well below the overall profits and revenue seen by Toyota, Volkswagen and other major auto companies. Burry became famous for his unusual bets against the housing market after the financial crisis. His operations inspired Michael Lewis' best-selling novel "The Big Short". Burry was portrayed by Christian Bale in the 2015 film adaptation. The hedge fund manager also added a spreadsheet to the tweet detailing Tesla's financial performance against former automakers. Tesla offers a high market value in the industry but far below the overall profits and revenue seen by Toyota, Volkswagen and other major auto companies. The company had received 22 "buy" ratings, 42 "hold" ratings, and 19 "sell" ratings from analysts. Burry highlighted Tesla's low margins ahead of Tesla's Battery Day event, re-embracing the past downward trend online. Although the automaker has continued to steadily generate quarterly profits since the event in late September, its valuation is on a shaky rise. Tesla on Wednesday at 3.30 p.m. traded at $ 566.25 as of. The company had received 22 "buy" ratings, 42 "hold" ratings, and 19 "sell" ratings from analysts.   Source: https://markets.businessinsider.com/ You may also be interested in: Elon Musk to Tesla Employees: We have to control costs!