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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Elon Musk Tells Tesla Staff: Don’t Worry About ‘Stock Market Craziness’Electric vehicle maker’s share price has fallen nearly 70 percent this year, but CEO says it will still be “the most valuable company on Earth!” Lol I would not be so brave to stand outside in the rain under an umbrella after the lies this man has told. No way. Tesla employees need to worry about their CEO's craziness. Everyone needs to worry about stock market craziness. Actually everyone needs to worry about the craziness of our economies based on greed and the illusion of eternal growth.
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