"The Big Short" investor Michael Burry is back doing what he does best: correcting the financial media. On Tuesday morning, Burry set the record straight after major outlets misinterpreted his recent Substack newsletter. Despite absolutely eviscerating Tesla Inc. (TSLA) in his "Cassandra Unchained" post published Monday, he's not actually shorting the stock right now.

Setting the Record Straight

Burry specifically called out Fortune and Bloomberg for getting it wrong. "I never said I was short TSLA in my SS post," he wrote on X.

But that wasn't his only complaint. He also took issue with how reporters have historically described his famous 2021 bet against Tesla. Remember those headlines about his half-billion-dollar position? Turns out that was wildly off base.

"The article also reports on an older $500 million bet. No, it was $5 million. 13Fs and journalists…" he wrote. The confusion? Media outlets often mistake the notional value of options contracts for the actual money invested. It's a rookie mistake that apparently still happens at major publications.

Not Shorting It, But Still Hating It

Just because Burry isn't betting against Tesla doesn't mean he's gone soft on the company. His fundamental analysis remains brutal. He argues Tesla's market cap is "ridiculously overvalued" and has been for quite some time.

The core problem, according to Burry, is what he calls "tragic algebra"—a 3.6% annual shareholder dilution rate with zero buybacks to offset it. That dilution is "certain to continue" now that Elon Musk's potential $1 trillion pay package has been approved by shareholders.

Burry also didn't hold back on what he sees as cult-like behavior among Tesla supporters. "The Elon cult was all-in on electric cars until competition showed up, then all-in on autonomous driving until competition showed up, and now is all-in on robots – until competition shows up," he said.

Palantir Gets Similar Treatment

Tesla wasn't Burry's only target. He also went after Palantir Technologies, Inc. (PLTR), noting the company dilutes shareholders at an even higher 4.6% annual rate and effectively has "no earnings" once you adjust for stock-based compensation.

"Palantir has the distinction of being the first billionaire:revenue ratio greater than one that I have seen. Five billionaires due to stock ownership, and less than four billion in annual revenue," Burry observed.

For Burry, the math is straightforward: whether he's shorting these stocks or not, the valuations simply don't add up. He may not be putting his money where his mouth is this time, but he's making sure everyone knows exactly what he thinks.