While shareholders might have welcomed Tesla (NASDAQ: TSLA) stock’s weekly 11% climb to $420.60, the climb is merely a temporary move ahead of a continued decline in the long run, at least judging by ‘Big Short’ Michael Burry’s latest market bet.
Specifically, the legendary short trader wrote on June 30 that TSLA equity’s rally finally enabled him to make a bearish trade against Elon Musk’s older public company while it was at $416.22:
And finally I shorted Tesla (TSLA) at 416.22. Happy it jumped back to this level.
Notably, Burry did not disclose the scale of his bet nor any other details in his premium Substack post titled ‘Trading Post June 30th, 2026.’
It did, however, reveal that the famous short-seller might be uncertain regarding the depth of Tesla’s incoming correction as he was, apparently, unwilling to take a position near the June 26 closing price of $379.71, or even June 29’s $411.84.
2026 Tesla stock price performance
Meanwhile, investor confidence in TSLA shares appears to be, at best, shaken in recent months. Indeed, after the electric vehicle (EV) maker’s equity soared toward $500 in late 2025, exceeding both the 2024 and 2021 highs, subsequent trading has been mostly bearish.
Even with the latest 11% upward move, Tesla stock remains 3.99% in the red year-to-date (YTD), and the July 30 pre-market might already be proving Burry’s assessment correct, considering that, by press time, the company is 0.67% down to $417.79.
So far, the deteriorating sentiment is most likely the result of dwindling EV sales and the perpetually shifting timetable for the ‘Robotaxi’ and FSD – autonomous driving system – rollout, but is also likely linked to the capital-hungry and recent SpaceX (NASDAQ: SPCX) initial public offering (IPO).
Michael Burry shorted these stocks at the end of Q2, 2026
Elsewhere, Michael Burry revealed that Tesla is far from the only company he considers overvalued at the end of the second quarter (Q2) of 2026.
In the June 30 update on Substack, he disclosed taking a short position against Caterpillar (NYSE: CAT) at $1,060.98, Applied Materials (NASDAQ: AMAT) at $729.40, and the popular iShares Semiconductor ETF (SOXX) at $642.80.
Lastly, Burry appears to have doubled down on his bet against Nvidia (NASDAQ: NVDA) as he disclosed a bearish position at $198.09 in the June 30 trade update.
Featured image via Shutterstock
