(Reuters) – Investor Michael Burry, of the “The Big Short”, famed for his bet against Tesla (NASDAQ) Inc said he is no longer placing bets and that his position is merely a trade. CNBC reported Friday.

Burry’s Scion Asset Management reported in a regulatory file in May that it had placed options on 800 100 Tesla shares by the end of quarter one. We were not able to find out the price at which the put was struck, the value of the puts and whether or not they were part of any larger trade.

The value of these shares, based on Tesla’s closing prices of $667.93 at end-of-the first quarter would be approximately $534 million. It was unknown what the actual options value would have been.

Options give investors the ability to buy shares at a specific price in the future.

Analysts in Options stated that it was possible that the disclosed puts might have been part of larger trades that could limit losses should the position go against the fund.

Burry, who was asked by CNBC whether he was shorting Tesla, stated that “No it was not a trade” in an email.

Media really increased the price of these items. As was stated, I never lost tens of hundreds of millions in any of these items through options. Burry stated to CNBC that the options bets were highly asymmetric and that media bias was of an order of magnitude.

Burry was previously skeptical about Tesla’s high valuations.

Reuters reached Tesla and Scion Asset Management but they did not respond immediately to our requests.

Tesla shares rose slightly after Friday’s bell.