Short-seller Jim Chanos said an announced $2.6 billion merger with SolarCity Corp. will make Tesla Motors Inc. a "walking insolvency."

“The synergies are questionable at best," Chanos, who founded hedge fund firm Kynikos Associates, said at the CNBC Institutional Investor Delivering Alpha Conference on Tuesday in New York. He estimated that the combined company, which will depend on access to the capital market, could have a cash burn of roughly $1 billion per quarter.

In May, Chanos told CNBC that he was betting against the stocks of both companies. He is best known for predicting the collapse of Enron Corp. in 2001.