Tesla short-sellers reap $17B windfall during Elon Musk company’s worst year ever

Tesla’s unprecedented stock struggles during CEO Elon Musk’s Twitter takeover have been a major boon to the automaker many short sellers, according to market data published Thursday.

The boost to short-sellers occurred as Tesla tracked for its worst year of market performance on record. As of Thursday morning, Tesla shares were down 71% on the year. “When Tesla’s stock begins to tick upwards, there should be a flurry of short covering which will help boost its stock price higher and quicker as shorter-term short sellers look to realize their outsized mark-to-market profits before they evaporate,” Dusaniwsky said.The decline included an 11% plunge on Tuesday alone after the Wall Street Journal reported that a surge in COVID cases had forced Tesla to temporarily halt production in Shanghai.

Short covering the stock is up almost 8 %.

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مصدر: nypost - 🏆 91. / 67 اقرأ أكثر »

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مصدر: CNBC - 🏆 12. / 72 اقرأ أكثر »

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مصدر: thedailybeast - 🏆 307. / 63 اقرأ أكثر »