Big Short investor Michael Burry has cast doubt on Tesla’s lofty valuation and warned that CEO Elon Musk’s newly approved $1 trillion compensation package could place even more strain on shareholder returns. In a weekend post on his Substack newsletter, Burry wrote that the electric-vehicle maker’s market value is “ridiculously overvalued” and has been “for a good long time”. His critique focuses largely on how Tesla and other tech firms account for stock-based compensation, which he believes distorts the way investors perceive true profitability.

Michael Burry says dilution is eating into Tesla’s real worth

Burry explained that Tesla’s share count increases by roughly 3.6% each year because the company routinely awards employees significant amounts of stock. Since Tesla does not buy back shares to counterbalance these awards, existing shareholders effectively own a smaller slice of the company each year.He shared a chart with his subscribers to illustrate how this steady dilution can erode a company’s present value, especially over long periods. According to Burry, when the real cost of stock-based compensation is fully considered, Tesla’s valuation looks much less defensible than its headline numbers suggest.He also pointed to Musk’s newly approved pay package as a major accelerant. The plan, which passed with 75% shareholder support, could give Musk tens or even hundreds of millions of new Tesla shares if performance targets are met. This could take Musk’s personal stake from 15% to roughly 29%, reducing the ownership percentage of every other shareholder.“Dilution is certain to continue,” Burry wrote, adding that this structural issue is a core reason he believes Tesla’s market value is disconnected from reality.

A broader critique of tech’s accounting habits

Burry directed part of his criticism at the wider technology industry. He said many tech companies remove stock-based compensation from their “adjusted” earnings results, creating a version of profitability that overlooks a major recurring expense. He argued that companies such as Tesla, Amazon and Palantir routinely benefit from this practice because it makes their financial performance appear healthier than it truly is.He reinforced his point by referencing Warren Buffett, who has long argued that stock-based pay is a real cost to shareholders and should never be treated as an optional footnote.

Market reaction and mixed sentiment

Tesla’s share price dipped slightly after Burry’s comments circulated, although the stock is still up more than 6% this year. Tesla remains valued at about $1.43 trillion.Burry also commented on Tesla’s shifting identity. He said the company’s strongest supporters have changed their narrative repeatedly over the years, moving from electric vehicles to autonomous driving and now to humanoid robots. In his view, this frequent repositioning reflects a company that is constantly searching for its next big justification for growth.The remarks were published on Burry’s newly launched Substack, Cassandra Unchained, which he started after deregistering Scion Asset Management. Many of his recent posts focus on what he believes are emerging bubbles in multiple sectors, particularly artificial intelligence.

Stephen Curry opens up about a heartwarming moment with Ayesha Curry.(Image via Getty Images)

Stephen Curry and his wife, Ayesha Curry, might have shown the world how deeply they are in love with one another but they have been unable to escape the hate they have received over the last few weeks.Amid all the mess, the Golden State Warriors’ star player, Stephen Curry, opened up about a heartwarming moment he shared with Ayesha Curry before they tied the knot.

Stephen Curry opens up about the moment he knew Ayesha Curry would always stand by him

A few days ago, as Stephen Curry promoted his new memoir Shot Ready, he spoke to PEOPLE about the moment he realised Ayesha Curry was the one for him.Stephen Curry said, “We had just started dating, or about a year and some change in, and I was deciding whether I was gonna go to the draft or not, and, you know, communication, trust, and the whole deal — being able to… I was going through it…”The Golden State Warriors’ star player added, “She actually told me to stay in school because of how important finishing my degree was and the whole deal…”Stephen Curry continued, “That conversation and the emotions that I got to share really just established the fact that she was gonna be my biggest supporter no matter what I did. And, you know, the idea that we’ve been through so many experiences throughout the years, I can go back to that foundation of support and being able to lean on each other through that conversation.” Stephen Curry has often praised his wife, Ayesha Curry, in public as he has always spoken about how she stood by him during the toughest periods of his life.These statements of Stephen Curry’s have raised eyebrows as many feel Ayesha Curry “disrespects” the star player and his commitment towards her.

Stephen Curry’s wife, Ayesha Curry, made some controversial remarks recently

For the unversed, in August 2025, Stephen Curry’s wife, Ayesha Curry appeared on the Call Her Daddy podcast where she spoke about how she wanted a career for herself when she was young.Ayesha Curry also spoke about how she initially did not want children or a marriage but things changed when she met Stephen Curry.This has made fans furious as neither Stephen Curry nor Ayesha Curry has addressed the drama.Also Read: Stephen Curry’s wife Ayesha Curry breaks silence with heartfelt note to him days after making controversial remarks about their marriage

A Parliamentary panel has called for sweeping improvements to India’s insolvency framework, including a new advance ruling mechanism that would give stakeholders clarity even before a case is admitted under the Insolvency and Bankruptcy Code (IBC). The proposal is aimed at reducing avoidable litigation and safeguarding the time-bound nature of the resolution process, according to PTI.The recommendations were made by the Parliamentary Standing Committee on Finance, which tabled its report in the Lok Sabha on Tuesday. The panel also backed integrating mediation as an alternative dispute resolution tool to ease the pressure on adjudicating authorities handling stressed assets under the IBC.Panel backs advance ruling, mediation and clean-slate clearancesThe committee said the advance ruling mechanism should address key legal or factual issues at the pre-admission stage, enabling faster movement of cases. It also proposed the integration of mediation to help cut the volume of disputes reaching the National Company Law Tribunal (NCLT).In addition, the panel urged the creation of a transparent online system for issuing ‘no dues’ certificates and statutory clearances immediately after a resolution plan is completed. Such a mechanism, it said, would ensure that revitalised companies genuinely begin operations with a clean slate.Since the IBC came into force in 2016, a total of 1,194 companies have been resolved, with creditors realising Rs 3.89 lakh crore — more than 170% of liquidation value and over 93% of fair value assessed at the time of admission. These figures are as of March 31 this year.Stronger NCLT capacity, stricter deterrents for frivolous appealsThe panel said the government should expedite the rollout of additional NCLT benches and fast-track the operationalisation of the proposed Integrated Technology Platform (iPIE) to improve centralised case management at both the NCLT and the National Company Law Appellate Tribunal (NCLAT).To curb vexatious litigation, the committee recommended that the Insolvency and Bankruptcy Board of India (IBBI) mandate an upfront threshold deposit for unsuccessful resolution applicants filing appeals. It also called for substantially higher penalties for frivolous applications.Other suggestions included revisiting homebuyer eligibility criteria, revising the waterfall mechanism governing priority of claims during liquidation, and simplifying procedures for distressed MSMEs. The panel said early intervention must continue to be prioritised to preserve enterprise value and stressed that once the NCLT approves a resolution plan, implementation should be prompt and monitored, with provisions to penalise non-compliance to maximise stakeholder recovery.

Mohammed Abdul Shoaib (centre), the lone survivor of the bus accident in Saudi Arabia’s Madina, with his family at his residence, in Hyderabad. (Picture credit: PTI)

NEW DELHI: The only survivor of the November 17 Umrah bus accident in Saudi Arabia returned to India on Tuesday and described the moments before the vehicle went up in flames, killing 45 other passengers. Mohammed Abdul Shoaib said the bus was travelling towards Madinah when a passenger asked the driver to stop for a toilet break. “As the driver stopped the bus, it was struck from behind by a tanker,” he said, as per ANI.Shoaib recalled that the driver escaped through a window immediately after the crash and “didn’t try to help any of the passengers”. As the fire spread rapidly, Shoaib managed to climb out of the same window, but his clothes had already caught fire. “There were 46 passengers on the bus, including me. Everyone else died,” he said, adding that his father, mother and maternal grandfather were among the victims.“I have no support left now. That is why I request the Telangana government to give me a government job,” he appealed.The group was part of a 54-member team that had flown from Hyderabad on November 9. Eighteen members of one extended family were among the dead. Shoaib survived only because he was seated beside the driver when the bus collided with the fuel tanker and burst into flames around 1.30 am.His brother, Mohammed Sameer, had said that he survived only because a visa delay kept him from travelling with the rest of the family. Sameer, who later reached Saudi Arabia and spoke to his injured brother in hospital, said Shoaib had “seen our parents being charred to death right in front of him”.The Telangana government has announced Rs 5 lakh ex gratia for the families of the dead and will send a team led by Minorities Welfare Minister Mohammed Azharuddin to coordinate relief.Saudi authorities have begun investigating the crash, which happened about 25 km short of the group’s destination.

The Pension Fund Regulatory and Development Authority (PFRDA) will create a dedicated NPS fund-of-funds platform to route pension money into selected alternative investment funds (AIFs), chairman S Ramann said on Tuesday, outlining a broader push to position pension assets as a stable source of long-term capital for India’s private markets. Speaking at IVCA DII & Exits 2025, he said the regulator has spent recent years building clearer classifications and stronger governance for alternate assets, according to PTI.Ramann said PFRDA has now classified all alternate investment instruments into equity and debt, following Sebi’s decision to categorise Real Estate Investment Trusts (REITs) as equity. “Over the last few years, we have worked to classify alternate assets more clearly, strengthen governance structures, and build a centralised and transparent NPS fund-of-funds platform that can select AIFs with rigour and credibility,” he said.He added that such a framework will allow every pension fund — “large or small” — to deploy capital confidently without compromising prudence.Emphasising the role of domestic long-term pools, Ramann said, “India’s next phase of capital formation must be built on strong domestic pools of patient capital. Pension assets, by design, are long-term and stable, and our effort at PFRDA is to create a framework that allows these funds to participate meaningfully in India’s private market growth.”He noted that risk capital is cyclical but argued that a well-diversified AIF portfolio, backed by strong oversight and long horizons, can still deliver beneficial outcomes for NPS subscribers.Ramann said India cannot rely solely on seven- to ten-year fund structures and needs to adopt longer-tenor and perpetual vehicles that reflect the true nature of retirement savings. “If India is to unlock the full power of domestic institutional investors, we must align incentives, deepen trust through process excellence, and enable wider participation from pension, insurance, and retirement assets. The opportunity is immense, and with the right guardrails, domestic capital can become a powerful anchor for India’s long-term growth story,” he said.

Silver’s blistering ascent in 2025 has pushed it into uncharted territory, with the white metal crossing Rs 1.8 lakh per kg on Monday and delivering 103% returns — a surge that now places it alongside just 20 multibagger stocks, according to an ET analysis. Once regarded primarily as a hedging asset, silver has eclipsed not only gold but also most shares on the BSE and NSE this year.Analysts say the momentum shows little sign of cooling. Ponmudi R, CEO of Enrich Money, expects domestic prices to test Rs 1,81,000–Rs 1,85,000 in the near term, noting that March futures are hovering near a key hurdle at Rs 1,79,000–Rs 1,80,000. A breakout above this band, he said, could drive the next leg of the rally.Anuj Gupta, Director at Ya Wealth Global Research, also projects silver ending the year near Rs 1,82,000. On Monday, MCX silver futures settled at Rs 1,81,461 after scaling a fresh lifetime high of Rs 1,82,998.The outperformance comes against a backdrop of broader market churn. ET screening of stocks with a market capitalisation above Rs 1,000 crore shows a handful of names delivering exceptional gains this year. Leading the list is Elitecon International, an FMCG major with interests in tobacco and food & beverages, which has surged 746%. It is followed by Kothari Industrial Corporation with 561%, and the group’s fertiliser arm with 376%.A long roster of smallcaps — Cupid, Indo Thai Securities, NACL Industries, Force Motors, ASM Technologies, Lumax Industries, Lumax Auto Technologies, GRM Overseas, Apollo Micro Systems, Axiscades Technologies, Tourism Finance Corporation of India (TFCI), Gabriel India, SML Mahindra, AB Infrabuild and CarTrade Technologies — have clocked returns ranging from 108% to 334%.Two midcaps, L&T Finance and Aditya Birla Capital, have gained 130% and 101%, respectively, in 2025. For perspective, the BSE saw 4,455 stocks trade on Monday.Silver’s stellar run has been supported by hopes of a US Federal Reserve rate cut and a weakening Dollar Index (DXY). The DXY has fallen 0.82% over the past five sessions as of December 1 and is down 8.5% this year against a basket of six major currencies. A Reuters report quoted BofA Global Research forecasting a 25-basis-point Fed cut in December, citing soft labour market data and dovish signalling from policymakers. Two more cuts are expected in 2026.A rate cut typically aids non-yielding assets such as gold and silver. Expectations of stronger industrial demand have added to silver’s appeal, while domestic prices have been bolstered by the weakening rupee. Gupta of Ya Wealth said the INR has depreciated 4.6% against the US dollar, keeping import prices elevated and supporting local bullion rates.Historically, silver last posted standout returns of 46% in 2020, with 2019 delivering 20%. Between 2022 and 2024, the metal gained 11%–17%, while 2021 was an exception, logging an 8% decline.Gupta believes silver will continue to outpace gold and sees prices touching Rs 1,90,000 ($80) by March 2026 and Rs 2 lakh ($100) by Diwali 2026.On the charts, Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said silver has broken out of a consolidation phase between $46 and $54, with the broader uptrend remaining intact. He believes conditions now point to the possibility of another leg higher.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Rohit Sharma, left, and Virat Kohli greet each other between the wickets during the first ODI cricket match of a series between India and South Africa, at JSCA International Stadium Complex, in Ranchi, Jharkhand. (PTI Photo)

NEW DELHI: India heads into the second ODI against South Africa in Raipur on Wednesday with a mix of confidence and questions. Confidence, because Virat Kohli’s imperious 52nd ODI century and Rohit Sharma’s brisk 57 paved the way for a 17-run win in the series opener at Ranchi. Questions, because off the field, whispers about differences with head coach Gautam Gambhir have grown louder.Kohli and Rohit are not just playing to win games—they are also auditioning for the 2027 ODI World Cup, two years away in South Africa. Having set up two consecutive victories for India in last as many ODIs—including a nine-wicket hammering of Australia at Sydney in October—Kohli and Rohit have shown they will do everything possible to be on that flight to the World Cup in South Africa. Both chairman of selectors Ajit Agarkar and Gambhir have remained non-committal about their World Cup participation, which seems to be at the centre of simmering tensions.On the field, India’s combination still looks unsettled. Ruturaj Gaikwad, a consistent performer in List A cricket, was moved from opening to No. 4. He didn’t look completely comfortable, while stand-in captain KL Rahul held firm at No. 6. Washington Sundar, who has seen plenty of batting experiments, batted at No. 5 and fell during a slow phase for India. He bowled only three overs for 18 runs.Harshit Rana made his mark with two early wickets using the new ball but leaked runs in the latter stage. The ICC’s rule allowing only one ball to be continued from the 34th over adds another layer of challenge for bowlers. Kuldeep Yadav’s variations won India crucial wickets, ending with 4/68, making the difference in a match South Africa nearly stole.Speaking of South Africa, they showed resilience after being reduced to 11/3. Marco Jansen tore into the Indian attack for a 70 off 39 balls, while Matthew Breetzke scored 72 on his first ODI against India. Their tail, led by Corbin Bosch, made India sweat before eventually falling short.The Proteas were without regular skipper Temba Bavuma and Keshav Maharaj, rested after their historic Test series win. Their return is expected in Raipur.Raipur itself is not a well-trodden path for India. In the only ODI previously played here, India dismantled New Zealand for 108 in January 2023 and won by eight wickets. In the only T20I here, against Australia in December 2023, India posted 174/9 and won by 20 runs.

Russia on Tuesday said it is ready to address India’s concerns over the widening trade deficit and proposed building a framework to shield bilateral commerce from pressure by third countries. Kremlin spokesperson Dmitry Peskov, speaking ahead of President Vladimir Putin’s visit to New Delhi, said Moscow is also working to stabilise crude supplies after a brief dip linked to Western sanctions, according to PTI.Peskov told reporters during a video-streamed news conference that Friday’s summit between Putin and Prime Minister Narendra Modi will focus on strengthening trade, energy cooperation, small modular nuclear reactors and additional defence projects. Putin is scheduled to arrive on Thursday for the annual meeting.Russia signals efforts to ease trade deficitPeskov acknowledged India’s concern over the large trade gap and said Russia is keen to increase its imports from India. “There is a real imbalance in our trade. We know our Indian friends are concerned about that. We are jointly looking at the possibilities of increasing imports from India. We want to buy more from India,” he said.India’s purchases of Russian goods and services amount to around $ 65 billion, while Russia’s imports from India are around $ 5 billion.He also said Moscow is taking steps to ensure crude supplies remain stable despite the impact of Western restrictions. India’s purchase of Russian oil, he said, may dip only for a “very brief period.”Push for alternative payment systems and sanctions-proof tradePeskov urged the creation of an “architecture” to insulate India-Russia trade from geopolitical pressure. “We should create an architecture of our relationship that must be free of any influence coming from any third country,” he said. He stressed that bilateral trade must be protected from external pressure and that Russia rejects the use of the dollar-denominated global payment system as a “political tool.”He indicated that settlement through national currencies may feature in the Modi-Putin talks. “We understand the pressure on India,” he said, referring to the US.The visit comes at a tense moment in India-US ties, with Washington imposing a 50% tariff on Indian goods and an additional 25% levy linked to New Delhi’s procurement of Russian crude.Defence, nuclear cooperation and technology sharingPeskov highlighted joint production of the BrahMos missile system as a model for high-technology collaboration and said discussions may cover potential supplies of Su-57 fighter jets and additional S-400 air defence systems. He also said cooperation in small and medium nuclear reactors is expected to be part of the talks. Russia has experience producing these systems and is prepared to share the technology with India.On China, Peskov said Russia’s “limitless” partnership with Beijing does not diminish its willingness to deepen ties with India. “We are ready to go as far as India is ready,” he said, adding that Moscow respects India-China relations and hopes both sides resolve their issues to preserve global stability.Ukraine conflict, counter-terrorism and Afghanistan tiesPeskov welcomed recent US mediation efforts in the Ukraine conflict, calling them “very effective” and expressing hope for progress. He said the Russia-Ukraine war will be an important part of the Modi-Putin agenda. “Russia is open for peaceful negotiation; we have to reach our goals. We appreciate the position of India,” he said.He added that Russia is ready to work with India “to combat terrorism,” and said Moscow is strengthening its engagement with Afghanistan. “We’ll continue to develop our relationship with Afghanistan,” he noted.On overall ties, Peskov said Russia is proud to stand “shoulder-to-shoulder” with India during its period of historic growth.