Elon Musk warns Tesla haters they have 3 weeks until their 'short position explodes'
- Tesla CEO Elon Musk is taunting those betting against the company's stock.
- Following his last provocation, shares went up more than 20%.
- Still, bets against the stock continue to rise to new records, and are currently at $13,2 billion.
- Follow Tesla's stock price in real-time here.
Tesla CEO Elon Musk was taunting short-sellers, or those betting the company's stock price will go down, once again over the weekend.
"They have about three weeks before their short position explodes," Musk replied on Twitter to Fred Lambert, editor of the electric auto news site Electrek who asked about reports of the Tesla assembly line being in a "tent."
It's not Musk's first time taunting short-sellers. In early May, he tweeted that the "short burn of the century" was coming soon. The stock then proceeded to rise 21% in the weeks after, and it currently sits at a nine-month high of $367, well above Wall Street's target price of $317.
While Tesla's stock price has climbed, short interest has risen in step. Bets against the stock are currently at an all-time high of $13.2 billion, according to data from S3 Partners. Tesla remains the most shorted US stock, a position it has held for months.
Wall Street research departments like Goldman Sachs and UBS say the company will likely need to raise new capital in order to stay alive. Musk on the other hand, has repeatedly said Tesla will be profitable this year, meaning it will need no such infusion.
Shares of Tesla were up 2.85% in trading Monday and up 15% since the beginning of the year.