Investors no longer see Tesla as the most overvalued US company for the first time since April 2020, according to Markets Insider and Market Watch.

After 864 days, the company led by Elon Musk on Wednesday lost the title of the company on which investors placed the most “short” bets, which bet that the company’s shares will fall in the future.

Markets now believe Apple is the most overvalued company listed on a US stock exchange, with bets on the California-based tech company rising to $18.4 billion and bets on Tesla at $17.4 billion.

Short bets against Tesla have fluctuated wildly since 2020, reaching a whopping $51 billion at one point before falling to $6.5 billion. Bets made against Apple in the same time period ranged from $8 billion to $20 billion.

One of Tesla’s biggest critics is investor Michael Berry

One investor who has consistently warned that Apple’s stock price is overvalued is the legendary Michael Berry, who had open bets against the iPhone maker in the first quarter of this year. However, Berry was one of those who placed an important bet on Tesla’s share price falling.

In the second quarter of 2022, Berry disposed of all but one stock in his portfolio after warning that another crisis was about to erupt in the United States.

On September 7, he warned that the financial crisis, which he had predicted since the summer, has already begun in the market, but not all analysts are convinced. Many note that, like “Dr. The Death of Nouriel Roubini, Berry regularly predicts new crises, and only a few of them actually happen.

Whatever the case may be, even if it has been overtaken by Apple in this section, Tesla remains a favorite target for short investors, given that the Elon Musk-led company’s market value is 18 times its earnings. and is almost 170 times higher than last year’s profit.