Michael Burry Calls Tesla ‘Ridiculously Overvalued’ (Correct)

Michael Burry called Tesla Inc. shares “ridiculously overvalued” and said shareholder dilution is set to continue after the proposed $1 trillion pay package for co-founder Elon Musk, according to a Substack post.

Burry — best known for correctly betting against the US housing market during the 2008 financial crisis — estimated that the electric-vehicle maker’s stock-based compensation dilutes shareholders by about 3.6% per year, with no buybacks to offset it, he wrote on the blog site. He didn’t respond to Bloomberg News’s request for comment.

(Corrects to remove reference to Fortune report on Burry’s short position.)

To contact the ...