Michael Burry, the investor known for shorting mortgage securities during the financial crisis, has placed a significant bet against electric car manufacturer Tesla.

Burry’s firm Scion reported put options on 800,100 Tesla shares — or $534.4m — as of 31 March, according to a filing released on 17 May. Put options give Scion the right to sell the shares at a specific price before an unidentified date in the future. Between the start of the year and the end of March, Tesla shares had yo-yoed between $484 and $883, compared to a 17 May closing value of $576.