Tesla short-sellers have lost more than $39 billion betting against the stock in 2020
- Short-sellers betting against
Tesla's stock have lost more than $39 billion in 2020, according to data compiled by S3 Partners.
- Tesla, which remains the most shorted stock in the market, has staged a 677% year-to-date rally as of Monday's close and was added to the S&P 500 on Monday.
- "There is still a school of thought that this is a bubble that Elon Musk created, and we're going to short that bubble," said S3 Partners founder Bob Sloan. "Eventually things mean revert, the company has to make money other than credits and you still see people willing to take that bet."
- Watch Tesla trade live here.
"There is still a school of thought that this is a bubble that Elon Musk created, and we're going to short that bubble. Eventually things mean revert, the company has to make money other than credits and you still see people willing to take that bet," Sloan said of Tesla short-sellers.About $35 billion worth of Tesla shares remain shorted by bearish investors, according to Sloan. That far outpaces the roughly $10 billion in shares currently sold short for Apple, Amazon, and Alibaba. Read more: A chief market strategist at a $5 billion firm shares her recommendation on when to buy Tesla as it joins the S&P 500 - and explains why the index funds snatching it up may not get a big boost from the electric-car maker's inclusion
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