Tesla short sellers get 'trampled,' with paper losses topping $1.5 billion
Tesla TSLA, +10.77% short sellers are out more than $1.5 billion in additional paper losses, S3 Analytics said in a note Thursday, a day after the Silicon Valley car maker topped Wall Street quarterly expectations, said its Model Y is being made ahead of schedule, and set itself to sell more than half a million cars in 2020.
Short sellers, who bet on a stock falling in price, got “trampled” after the report hit as the stock price rose more than 9% in the fist five minutes of trading and they “had little chance to close out positions at anywhere near yesterday’s closing price,” S3 said. A “sizable short covering” is likely, especially if the rally in the stock continues, they said. Tesla shares on Thursday were well en route to their 17th record close since mid-December and earlier Thursday set a fresh intraday record of $650.88.
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