Michael Burry, famous for the movie “The Big Short,” has targeted one of Wall Street's most popular stars.

According to Monday's regulatory filing, as of the end of the second quarter, Burry's Scion Asset Management held put options for 235,500 ARK Innovation ETF (code ARKK). According to the documents, these positions are worth around $31 million.

Cathie Wood and the flagship ETF of her company Ark Investment Management have attracted a large influx of capital over the past year after the big win of the 2020 heavy technology stock strategy. However, it is difficult for Wood and Ark to maintain this trend this year due to concerns about high valuations and accelerated inflation.

Burry has been warning the market for months about unsustainable valuations. He warned in June that retail investors investing in cryptocurrencies and influencer stocks could be dragged into a catastrophe.

Burry has previously gone through drastic shortingTeslaIndirectly short Wood — Tesla is one of Ark's preferred stocks and is also ARKK's largest holdings.

Monday's filing showed that Burry increased his bearish bets on Tesla and held put options for 1,075,500 Tesla shares, up from 800,100 shares in the first quarter.

As of 12:25 p.m. New York time, ARKK fell 2.6% as technology stocks generally declined. Tesla's stock price fell 4.7% as the US launched an official investigation into its Autopilot system.