Michael Burry is once again taking aim at Tesla — a reminder of his high-profile 2021 short, when he bet against the stock just before it nearly doubled before dropping from its peak. 

In a new Substack post, the “Big Short” investor called Tesla “ridiculously overvalued” and argued that shareholder dilution will only worsen under Elon Musk’s newly approved $1 trillion pay package.

Burry estimated that Tesla’s stock-based compensation dilutes shareholders by roughly 3.6 percent a year, noting that the company conducts no buybacks to offset it, Yahoo Finance/Bloomberg reported.

Burry used Tesla to illustrate what he described as the “tragic algebra” of tech-sector compensation, and he took a swipe at the company’s shifting narratives: first electric vehicles, then autonomous driving, and now humanoid robots — each emphasis fading once competition arrives, he said.

He did not disclose his current position in Tesla, but the comments add to a recent string of bearish calls. Last month, Burry opened sizable put positions against Nvidia and Palantir, echoing concerns raised by fellow short seller Jim Chanos about Nvidia’s use of vendor financing.

Burry has since deregistered Scion Asset Management and moved his commentary to Substack.

Wall Street, however, has grown more upbeat on Tesla. Melius Research recently deemed the stock a “must own” based on its autonomy efforts and in-house chip development, while Stifel raised its price target and reiterated a Buy rating tied to progress in full self-driving and the robotaxi program.

Burry’s latest broadside comes nearly five years after his last disclosed Tesla wager. In May 2021, Scion held puts on 800,100 Tesla shares, a bet revealed in regulatory filings.

 Burry's first go-round in the name was tumultuous, with Tesla stock up almost double in 2021 after Burry disclosed his position.

At the time, Tesla was coming off a 700 percent surge to record highs before suffering a drawdown — a pattern Burry suggests could repeat.