- Michael Burry owns a stake in Volkswagen’s largest shareholder, Porsche SE.
- “The Huge Brief” investor is betting Volkswagen can beat Tesla in electrical autos.
- Burry stated he was quick Elon Musk’s automobile firm in December.
- Go to the Enterprise part of Insider for extra tales.
Michael Burry holds a stake in Volkswagen’s greatest shareholder, he revealed in a now-deleted tweet on Wednesday.
“I do not personal a Porsche, however I personal the Porsche that owns VW that owns Porsche,” the investor stated. He was referring to Porsche SE, the German holding firm that owns 31.3% of Volkswagen, which itself owns Porsche AG, Audi, and different automobile manufacturers.
Porsche SE and Burry’s Scion Asset Administration did not instantly reply to requests for remark from Insider.
Burry is greatest recognized for his billion-dollar wager towards the US housing bubble within the mid-2000s. His profitable wager was immortalized in Michael Lewis’ e book “The Huge Brief,” and he was performed by Christian Bale within the film adaptation.
The Scion chief’s oblique wager on Volkswagen is notable as a result of the German auto group is taking over Tesla within the electric-vehicle market, and Burry was quick Tesla as of December.
He predicted in January that shares in Elon Musk’s electric-vehicle firm – which have skyrocketed by greater than 600% because the begin of 2020 – would undergo a large collapse. “Get pleasure from it whereas it lasts,” he stated.
Burry disclosed his Porsche SE place after trumpeting Volkswagen in a number of tweets.
“Buyers, partly as a result of #ESGFog, underestimate the dimensions, scale, manufacturers, endurance, and sources of Volkswagen,” he stated. The investor linked to a Bloomberg story a couple of UBS evaluation that discovered Volkswagen’s ID.3 electrical automobile stacked up nicely towards Tesla’s fashions.
“Ever marvel who owns Bentley, Bugatti, Lamborghini, Porsche, Ducati, and so forth? VW,” Burry stated in one other tweet. “Though, Porsche owns VW too. why VW and Porsche don’t commerce within the US? As a result of what US buyers suppose isn’t too vital to VW or Porsche.”
Burry’s championing of Volkswagen and his stake in its largest shareholder, coupled along with his criticism of Tesla and quick place, strongly recommend he is anticipating the German automaker to trounce Musk’s upstart rival.