Tesla stock's latest rally is a multibillion-dollar headache for those betting that the shares would fall.
Tesla Inc. stock took a breather on Wednesday, snapping a 13-day winning streak, but it has more than doubled so far this year, creating a multibillion-dollar headache for those betting that the shares would fall.
There has been an increase in Tesla TSLA short selling for all of 2023, but “we’ve recently seen short covering as its stock price has been rallying,” said Ihor Dusaniwsky, a managing director at financial analytics firm S3 Partners. “This has been a very unprofitable trade for Tesla short sellers.” Shorts have lost $12.68 billion in year-to-date mark-to-market losses, down 80%; they are down $5.05 billion, or 24%, so far in June. They had $15.85 billion in mark-to-market profits in 2022.
After a difficult April, when it fell 20%, Tesla stock was on a tear in May, and has kept that up in June, gaining about 60% in the period. For the year, the stock has gained 110%, which compares with an advance of about 14% for the S&P 500 index. SPX GM also said that its future EVs would conform to the Tesla-developed North America Charging Standard, or NACS, by 2025, and before that the automaker would offer an adapter. That follows a similar move by Ford Motor Co. last month.
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