Tesla, Inc. (NASDAQ:TSLA) shares have been on a dream run this year, having nearly doubled this year. After starting 2023 on a solid note and rallying through mid-February, the stock’s upward momentum faltered slightly.
Since the start of May, Tesla has found its mojo back, much to the delight of investors. But those who bet on a stock decline have burnt their fingers.
What Happened: Reuters reported that short sellers lost about $6.08 billion on a mark-to-market basis during Tesla’s 11-day winning streak, data from S3 Partners showed. Since May 24, when the current winning streak began, the stock has gained 33.6%.
Tesla is the largest short bet in the world, according to S3 Partners’ Ihor Dusaniwsky.
Data shared by the …
