About 2.85% of Tesla shares, or $8.36 billion, are shorted, S3 Partners said, adding that short selling was up by more than 8.98 million shares this year due to a drop in the stock price, which was partly driven by Musk's share sales to fund his Twitter purchase.
Tesla short sellers stand to book a profit of $16.94 billion, their first gain since at least 2016, compared with a $10.26 billion loss last year."When Tesla's stock begins to tick upwards there should be a flurry of short covering ... as shorter-term short sellers look to realize their outsized mark-to-market profits before they evaporate," said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
Short sellers borrow shares to sell them on the open market in the hope of buying them back at a cheaper price and pocketing the difference.The stock also saw high trading volumes on Wednesday with 211.54 million shares changing hands, 79% above the 25-day average volume.Reporting by Nivedita Balu and Akash Sriram in Bengaluru; Editing by Anil D'Silva
$8 one share would be its final destination. Just my 50-cent guess.
Lots of traditional American car companies have had lousy years also thanks to this crappy economy
I’d say it’s more of a hop then a jump, and that’s being generous.
Closing at $112 is a rare jump? A 52-week high of $402 and a low of $108… I guess you could describe $4 off the low as a jump but you’d be considered criminally insane. $TSLA My money is still on sub $100 in January 2023.
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