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Tag: Tesla

Prophetic investor that predicted housing market crash is betting against Tesla stock

Michael Burry — one of the investors who became famous for predicting the monumental collapse in the housing market in 2008 — has a new favorite stock to bet against: $TSLA. Burry’s firm, Scion Asset Management, revealed in a Securities and Exchange Commission filing Monday that it held bearish put options on more than 800,000 Tesla shares, worth about $534 million, as of the end of the first quarter. That means the firm is betting against the stock price rising, putting $534 million on the line. No reason was given in the filing for why Burry thinks Tesla’s stock is...

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Bitcoin sinks 12% after Elon Musk tweets that Tesla won’t accept it as payment

CNN — The price of bitcoin sank about 12 percent early Thursday morning after Tesla CEO Elon Musk said his company was suspending plans to accept the cryptocurrency as payment for electric cars. The price of one Bitcoin now sits around $50,900, according to cryptocurrency news website Coindesk. Musk cited the cryptocurrency’s high environmental cost as reason for the move, after months of being bullish on it. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,”...

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