Short sellers, caught on the wrong side of a 2020 $ 38 billion hit, suffered “the biggest annual mark-to-market loss” S3 Partners’ Ihor Dusaniwsky has ever seen.
One of those underwater on this trade: Michael Burry.
The investor, made famous in the book and film “The Big Short” for his premonitory bet against the US real estate market, announced in early December that he was selling Tesla at “ridiculous” levels.
It has been ugly for Burry and the rest of the shorts since then, with Tesla shares rising over 44% in the past month. Over the past year, the stock has exploded for a gain of 820%, making CEO Elon Musk the richest man in the world. Tesla extended its winning streak to 11 straight sessions on Friday, closing on another record.
Burry, however, does not appear to be moving.
“Well my last Big Short just got bigger and bigger and BIGGER too,” Burry said Thursday in a now deleted tweet. “Enjoy while it lasts.”
And take advantage, they did, with the stock going up 8% on that day alone.