Tesla shares took another leg down Friday afternoon after hedge fund manager and Tesla short David Einhorn of Greenlight Capital criticized the automaker in his third-quarter letter to investors.

Einhorn likened Tesla to defunct investment firm Lehman Brothers, which fell during the financial crisis of 2008. Einhorn is well known for correctly predicting the bank would fall.

"...Like Lehman, we think the deception is about to catch up to TSLA," Einhorn said.

He compared several of CEO Elon Musk's recent actions to Lehman's threats toward short sellers and refusals to raise capital.

Einhorn thinks Musk is behaving erratically on social media and elsewhere because he is trying to get himself fired as CEO. He has made many promises he has not been able to keep, and realizes he can't make Tesla cars without losing money but he cannot bear to cancel the program and refund deposits, Einhorn said.

He added, Musk's plan to fully automate the automotive assembly factory has failed, and he is unable to produce cars at the speed, and cost, he had expected.

Separately, a roofing tile product that could collect energy from the sun was justification for buying SolarCity, a company run by Musk and some family members. But one year after Tesla began taking deposits, there are few if any tiles on the market, Einhorn said.