Tesla TSLA Short Sellers Watch Losses Mount, Down $6.08B in 2 Weeks

Tesla TSLA Short Sellers Watch Losses Mount, Down $6.08B in 2 Weeks

Goodwood Festival Of Speed 2016 - Tesla Logo. /Flickr (CC BY 2.0)

Tesla TSLA short sellers are counting the losses they have suffered in the last two weeks. According to the analysis, they have lost $6.08 billion since May 24.

Tesla shares have shown strong performance over the past 11 trading sessions. While the company's investors are rejoicing in the growth, short sellers are counting their losses. According to S3 Partners, they have lost $6.08 billion since Tesla's winning streak began.

Since May 24, Tesla shares have risen by about 35%. The brisk growth was fueled by a flood of positive news about Tesla. Late last week, all Model 3s sold in the US became eligible for the full $7,500 tax credit under the Inflation Reduction Act (IRA). Obviously, this will generate a huge influx of new consumers, which is great news as it means that fears of declining demand are easing.

In addition, Elon Musk announced the appointment of a new Twitter CEO, which means that now he will be able to devote more time to Tesla. This has also been one of the concerns of investors, some of whom have taken a wait-and-see approach since Musk bought Twitter in October 2022.

In addition, the growth is fueled by news of Tesla's partnership with Ford and General Motors. The company will give EVs from competitors access to its Superchargers starting in 2024. Ford and GM will also begin producing their EVs with Tesla's charging connectors starting in 2025.

Tesla shares are the most shorted stock of all companies in the world, noted S3's head of predictive analytics Ihor Dusaniwsky. The total short stock value was $22.43 billion. For all of 2023, Tesla short sellers lost $11.68 billion.

© 2023, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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