Tesla Inc. CEO Elon Musk has hit back after fund manager Michael Burry of “The Big Short” fame alleged that Musk—the world’s richest person—does not need cash and just wanted to sell Tesla stock.
What Happened
Musk took to Twitter to respond to the allegations, saying that Burry is a “broken clock.”Burry noted in a tweet earlier on Monday that Musk borrowed against 88.3 million shares, moved to Texas after selling all his mansions in California, and was asking Senator Bernie Sanders whether he should sell more stock, according to a report by Bloomberg.
“He doesn’t need cash. He just wants to sell $TSLA,” Burry said in the tweet, apparently hinting that Musk wanted to profit from Tesla’s recent stock surge.
Burry also reportedly tweeted a chart of Tesla’s stock price, with an arrow pointing to when Musk said that the electric vehicle maker’s stock was trading “too high.”
Why It Matters
Burry suggested last week that Musk might be looking to sell some of his holdings in Tesla to cover his personal debts, rather than to solve world hunger or because he faced a huge $15 billion tax bill.Musk has recently committed to selling 10 percent of his Tesla stock, following the outcome of a Twitter poll.
Burry, who was made famous in “The Big Short” movie in 2015, said in December last year that he was shorting Tesla stock and was skeptical of the company’s lofty valuations.
The famed investor said last month that he is no longer betting against Tesla and his position in the electric vehicle maker was only a trade, it was reported, citing CNBC.
Price Action
Tesla shares closed at 4.08 in Monday’s regular trading session at $1,054.73.By Madhukumar Warrier
© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.
