FAST FIVE: Tesla Stock-Sellers Bank $2.75 Billion As Carmaker Is Now The Most Profitable US Short This Year
Gone are the days of Elon Musk taunting short sellers.
As Tesla's stock has plunged 30% this year, short sellers have netted a massive $2.75 billion in mark-to-market gains. Shares have bounced off of their 52 week lows near $177 and recovered slightly, but are still far off from the $300 level they started the year near.
The company's stock remains on pace for its worst annual decline in its history, prompted by continuing concerns about demand, the inability to consistently turn a profit and a CEO that may or may not be involved in the Jeffrey Epstein scandal, as we recently reported. According to Aug.
9 data from S3 Partners, gains from shorting Tesla are about three times that of the second most lucrative short of 2019, Abbvie. The worst performing shorts of the year, according to the same data, include names like Alibaba, Apple and AMD.
The index includes about half of the names on the list.