![]() The Scion chief's tweet suggested he might have taken a short position against 30-year Treasuries, likely because he expects soaring inflation to force the Federal Reserve to hike interest rates, driving down bond prices. But as with any good play, its value lies in the way it reveals character and motive and explores the cultural context in which the plot unfolds.' - The Washington. At times, it reads like a morality play, at other times like a modern-day farce. 30 year Treasuries on the other hand."īurry jokingly asked in a tweet in October how to short crypto, and he later told CNBC that the asset class was in a bubble - but he added that he saw value in blockchain and nonfungible tokens and had even dabbled in crypto by purchasing a few tokens. 'The Big Short manages to give us the truest picture yet of what went wrong on Wall Streetand why. "This is my third bubble, and the biggest. ![]() "FWIW, I've never shorted any cryptocurrency," he said. Crypto, bubbles, and bondsīurry said in a now deleted tweet on Sunday that he knew better than to bet against the cryptocurrency boom, suggested that assets are more overvalued today than they were during the dot-com or housing bubbles, and hinted that he's betting against long-dated government bonds. He called its stock price "ridiculous" in December 2020, predicted at the start of this year that the shares would collapse like the mid-2000s housing market, and suggested the stock could plummet 90% like Amazon and other high-flying tech stocks did when the dot-com bubble burst. The investor told CNBC last month that he was no longer betting against Musk's company, but that may have changed, especially as the 15% slump in Tesla's stock price last week was partly blamed on an Insider report highlighting Burry's theory about Musk's stock sales.īurry has repeatedly described Tesla as emblematic of a massive asset bubble. It's worth noting both that Burry declared last December that he was short Tesla and that Scion held bearish put options on the stock as recently as June 30. Based on Michael Lewis’s New York Times bestseller by the same title, the film tells the story of six contrarian traders who sniffed out the housing crash before virtually anyone else. In a follow-up tweet on Sunday, Burry pointed to Tesla's stock chart and Musk's tweet that the stock price was "too high" when the electric-vehicle company's valuation was less than one-fifth of its current level. The big financial meltdown is finally getting its star turn on the big screen with the release of The Big Short. Tesla and Scion Asset Management, which Burry runs, didn't immediately respond to requests for comment from Insider. The investor's view is that Musk doesn't need cash but wants to profit from Tesla's stock price's rising nearly twelvefold since the start of last year. Bernie Sanders on Sunday that he would sell more stock at the lawmaker's request. Musk recently committed to selling 10% of his Tesla stock based on the results of a Twitter poll and cashed in nearly $7 billion worth of shares last week.īurry's tweet highlighted that Musk had cut his tax bill by moving from California to Texas last year, sold most of his $100 million real-estate portfolio, and told Sen. The investor of "The Big Short" fame said last week that Musk had taken out personal loans against his stock he suggested the Tesla CEO might be selling shares to service those debts. ![]()
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