"The Big Short" investor Michael Burry told CNBC Friday that he's no longer betting against Tesla . "No, it was a trade," Burry said in an email exclusively to CNBC, when asked if he's still shorting Tesla. "Media really inflated the value of these things. I was never short tens or hundreds of millions of any of these things through options, as was reported. The options bets were extremely asymmetric, and the media was off by orders of magnitude." Burry, one of the first investors to call and profit from the subprime mortgage crisis, owned 10,755 put contracts of Tesla at the end of the second quarter, according to filings. A put options contract gives the owner the right to sell a security at certain time for a certain price and so it increases in value if the stock declines below the so-called strike price. Where some of the confusion may lie is that each single options contract is tied to 100 shares of stock. So theoretically, Burry's bet is tied to 1,075,500 shares of Tesla stock and therefore his options bet had a so-called notional value in the millions. But it's not known how much money was actually on the line for Burry as the filings don't give the value, strike price or expiration date. The founder of Scion Asset Management previously voiced concern about Tesla's reliance on regulatory credits to generate profits . Shares of Tesla are up nearly 20% this year following a 740% rally in 2020. —With reporting by Lora Kolodny
Andrew Toth | FilmMagic | Getty Images
"The Big Short" investor Michael Burry told CNBC Friday that he's no longer betting against Tesla.