Hedge fund manager Dan Niles has revealed that he is still shorting Tesla 's stock, despite being bullish on the broader market.
Niles, cofounder and portfolio manager of the Satori Fund, told CNBC's "Squawk Box" Tuesday that he sees significant headwinds for Tesla in the months ahead that could push the stock lower.
TSLA YTD line Having more than doubled in value this year, Niles said the stock now faces a very different environment to earlier this year.
It should be noted that Niles' Tesla short position is relatively small and accounts for about 1% of his portfolio.
In contrast, the fund manager has previously made aggressive bets of up to 15% of the fund on stocks where the hedge fund has had a high conviction.
Persons:
Dan Niles, Tesla, Niles, CNBC's, Elon Musk, Thomas Edison, he's
Organizations:
Tesla, Cox Automotive, CNBC