这位曾预测2008年房地产市场崩盘的《大空头》（The Big Short）原型投资人表示，电动汽车制造商特斯拉“估值高得离谱”，并警告埃隆·马斯克（Elon Musk）的万亿美元薪酬方案只会让情况变得更糟。
迈克尔·伯里上月注销了他的对冲基金赛恩资产管理公司（Scion Asset Management），随后在一个新开通的Substack账号上披露了对埃隆·马斯克旗下特斯拉的做空操作。
他在一篇文章中写道：“特斯拉目前的市值高得离谱，而且这种情况已经持续了相当长一段时间。”
伯里表示，特斯拉授予员工股票薪酬，却没有进行股票回购来抵消稀释效应，估计正以每年约3.6%的速度摊薄股东权益。他补充说，首席执行官马斯克的巨额薪酬会使情况雪上加霜。
这项于上月获股东高票通过的2025年薪酬方案，可能授予马斯克至少数千万股额外的特斯拉股票，这将进一步稀释现有股东的持股。在理想情况下，只要马斯克达成严格的业绩目标，他将获得数亿股股票，使其在特斯拉的持股比例从目前的15%升至29%。
但据《财富》杂志的肖恩·塔利（Shawn Tully）报道，马斯克只需达成解锁薪酬所需条件中两个较容易实现的目标，其收益就可能超过支持他的股东。
周一，该公司股价交易价格约为426美元，在伯里的博客文章发布后下跌不到1%。但在经历了年初的大幅下挫后，股价有所反弹，年内迄今仍上涨逾6%。
除了认为特斯拉估值过高，伯里还抨击了该公司的超级粉丝，称特斯拉的首要目标总是在变化。
这位传奇投资者说：“顺便说一句，'埃隆崇拜者'曾全力押注电动汽车，直到竞争对手出现；然后全力押注自动驾驶，直到竞争对手出现；现在又全力押注机器人——直到竞争对手出现。”
特斯拉未立即回应《财富》杂志的置评请求。
伯里近日透露，他此次做空特斯拉之前，还做空了科技巨头英伟达和Palantir。
这位《大空头》投资者曾在2021年做空特斯拉，当时他的对冲基金做空了约5.3亿美元的特斯拉股票，但在数月后平仓。当时，伯里告诉CNBC，那“只是一次交易”。目前尚不清楚他首次做空特斯拉的具体结果如何，但根据从赛恩基金披露做空到伯里宣布平仓期间特斯拉的股价走势来看，该基金很可能遭受了损失。
然而，伯里的立场并非华尔街共识。尽管他做出了看跌预测，但约四分之三的分析师仍给予特斯拉“买入”或“持有”评级。上月特斯拉股东批准了马斯克的薪酬方案后，特斯拉多头、韦德布什证券公司（Wedbush Securities）的丹·艾夫斯（Dan Ives）及其团队重申了对这位首席执行官及其公司愿景的支持。
马斯克过去对特斯拉的做空者并不友善。微软（Microsoft）联合创始人比尔·盖茨（Bill Gates）后来在一次采访中透露，2022年左右，马斯克发现盖茨做空了特斯拉股票后，对他态度“极其刻薄”。
目前尚不清楚盖茨是否已平仓，但马斯克显然没有忘记此事。
他上月在X上发文称：“如果盖茨还没有完全平掉他持有近8年的、针对特斯拉的疯狂空头仓位，他最好尽快平仓。”（*）
译者：刘进龙
审校：汪皓
这位曾预测2008年房地产市场崩盘的《大空头》（The Big Short）原型投资人表示，电动汽车制造商特斯拉“估值高得离谱”，并警告埃隆·马斯克（Elon Musk）的万亿美元薪酬方案只会让情况变得更糟。
迈克尔·伯里上月注销了他的对冲基金赛恩资产管理公司（Scion Asset Management），随后在一个新开通的Substack账号上披露了对埃隆·马斯克旗下特斯拉的做空操作。
他在一篇文章中写道：“特斯拉目前的市值高得离谱，而且这种情况已经持续了相当长一段时间。”
伯里表示，特斯拉授予员工股票薪酬，却没有进行股票回购来抵消稀释效应，估计正以每年约3.6%的速度摊薄股东权益。他补充说，首席执行官马斯克的巨额薪酬会使情况雪上加霜。
这项于上月获股东高票通过的2025年薪酬方案，可能授予马斯克至少数千万股额外的特斯拉股票，这将进一步稀释现有股东的持股。在理想情况下，只要马斯克达成严格的业绩目标，他将获得数亿股股票，使其在特斯拉的持股比例从目前的15%升至29%。
但据《财富》杂志的肖恩·塔利（Shawn Tully）报道，马斯克只需达成解锁薪酬所需条件中两个较容易实现的目标，其收益就可能超过支持他的股东。
周一，该公司股价交易价格约为426美元，在伯里的博客文章发布后下跌不到1%。但在经历了年初的大幅下挫后，股价有所反弹，年内迄今仍上涨逾6%。
除了认为特斯拉估值过高，伯里还抨击了该公司的超级粉丝，称特斯拉的首要目标总是在变化。
这位传奇投资者说：“顺便说一句，'埃隆崇拜者'曾全力押注电动汽车，直到竞争对手出现；然后全力押注自动驾驶，直到竞争对手出现；现在又全力押注机器人——直到竞争对手出现。”
特斯拉未立即回应《财富》杂志的置评请求。
伯里近日透露，他此次做空特斯拉之前，还做空了科技巨头英伟达和Palantir。
这位《大空头》投资者曾在2021年做空特斯拉，当时他的对冲基金做空了约5.3亿美元的特斯拉股票，但在数月后平仓。当时，伯里告诉CNBC，那“只是一次交易”。目前尚不清楚他首次做空特斯拉的具体结果如何，但根据从赛恩基金披露做空到伯里宣布平仓期间特斯拉的股价走势来看，该基金很可能遭受了损失。
然而，伯里的立场并非华尔街共识。尽管他做出了看跌预测，但约四分之三的分析师仍给予特斯拉“买入”或“持有”评级。上月特斯拉股东批准了马斯克的薪酬方案后，特斯拉多头、韦德布什证券公司（Wedbush Securities）的丹·艾夫斯（Dan Ives）及其团队重申了对这位首席执行官及其公司愿景的支持。
马斯克过去对特斯拉的做空者并不友善。微软（Microsoft）联合创始人比尔·盖茨（Bill Gates）后来在一次采访中透露，2022年左右，马斯克发现盖茨做空了特斯拉股票后，对他态度“极其刻薄”。
目前尚不清楚盖茨是否已平仓，但马斯克显然没有忘记此事。
他上月在X上发文称：“如果盖茨还没有完全平掉他持有近8年的、针对特斯拉的疯狂空头仓位，他最好尽快平仓。”（*）
译者：刘进龙
审校：汪皓
The Big Short investor who predicted the 2008 housing market crash said EV maker Tesla is “ridiculously overvalued” and warned Musk's $1 trillion pay plan will only make it worse.
Michael Burry, who last month deregistered his hedge fund Scion Asset Management, took to a newly launched Substack account to reveal a bet against Elon Musk's Tesla.
“Tesla's market capitalization is ridiculously overvalued today and has been for a good long time,” he wrote in a post.
Burry said Tesla dilutes its shareholders at an estimated rate of 3.6% per year thanks to the stock-based compensation it awards employees without buybacks to offset the impact. CEO Musk's gargantuan compensation would make matters worse, he added.
The 2025 pay plan, overwhelmingly approved by shareholders last month, could give Musk at least tens of millions of additional Tesla shares that could further dilute existing shareholders' holdings. At the high end, Musk would receive hundreds of millions of shares that would raise his Tesla stake to 29% from a current 15%, as long as he meets rigorous goals.
Yet by reaching two of the more achievable goals needed to unlock his pay, Musk could potentially benefit more than the shareholders who have backed him, reported Fortune's Shawn Tully.
The company's stock was trading at about $426 Monday, down less than 1% after Burry's blog post was published, but still up more than 6% year to date on the rebound from a major stock slump earlier in the year.
Apart from Tesla's being overvalued, Burry also took a shot at the company's superfans, saying Tesla's top priority is a moving target.
“As an aside, the Elon cult was all-in on electric cars until competition showed up, then all-in on autonomous driving until competition showed up, and now is all-in on robots---until competition shows up,” the legendary investor said.
Tesla did not immediately respond to Fortune's request for comment.
Burry's Tesla short follows bets against tech giants Nvidia and Palantir, he also recently revealed.
The Big Short investor previously bet against Tesla in 2021, when his hedge fund shorted about $530 million of Tesla stock before exiting the trade months later. At the time, Burry told CNBC it was “just a trade.” It's unclear how exactly his first bet against Tesla panned out, but based on Tesla's stock moves from the time Scion disclosed the short to when Burry said he closed it, the firm likely took a loss.
Still, Burry's stance is not the consensus among Wall Street. Despite his bearish predictions, about three-quarters of analysts have a buy or hold rating on Tesla. After Tesla shareholders approved Musk's pay package last month, Tesla bull Dan Ives and his team at Wedbush Securities reaffirmed their support of the CEO and his vision for the company.
Musk in the past has not taken kindly to Tesla short-sellers. Around 2022, after discovering Bill Gates had shorted Tesla stock, he was “super mean” to the Microsoft cofounder, Gates later said in an interview.
It's unclear if Gates has closed the trade, but Musk hasn't forgotten.
“If Gates hasn't fully closed out the crazy short position he has held against Tesla for ~8 years, he had better do so soon,” he wrote in a post on X last month.