Traders betting against Tesla are down more than $25 billion this year amid the stock's record-breaking rally
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Carmen Reinicke
Aug 22, 2020, 00:02 IST
Reuters/Rebecca Cook/Tesla
Traders betting against Tesla are down $25.4 billion in mark-to-market losses, according to data from financial-analytics firm S3 partners.
The short-seller losses come amid a blistering rally that's sent the automaker's shares to multiple record highs, up roughly 390% this year.
Still, short-sellers are holding on — Tesla is still the top short in the US market, with $21.3 billion in dollars bet against the company, according to Ihor Dusaniwsky, managing partner of predictive analytics at S3.
Traders betting against Tesla stock have racked up billions in losses amid the stock's epic rally this year.
Short-sellers with positions against Tesla are down $25.4 billion in year-to-date net-of-financing mark-to-market losses, according to Friday data from financial-analytics firm S3 Partners. The steep losses come amid a blistering rally that's sent Tesla stock up roughly 390% this year.
Traders betting against the automaker are down nearly $7 billion in August alone, and shed more than $1.3 billion in mark-to-market losses on Thursday, when Tesla surpassed the $2,000 level for the first time ever, according to S3 data. They've lost another $619 million Friday as the stock continues to climb ahead of its upcoming five-for-one stock split.
The automaker has had "continued steady short covering for over a year as shorts continue to get squeezed," said Ihor Dusaniwsky, managing director of predictive analytics at S3. Still, there are many short-sellers still holding on to their positions, S3 data show.
Tesla is still the largest short in the US market, with $21.31 billion in short interest and 10.65 million shares shorted, 7.18% of its float. In July, Tesla became the first stock with a $20 billion bet against it.
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