(CNBC) Investors betting against Elon Musk’s electric-auto maker Tesla collectively lost more than $1.5 billion on Thursday as the company’s stock rocketed higher after its better-than-expected earnings report.
Tesla finished Thursday’s session up 10.3% at $640.81 per share, meaning short sellers betting against the stock lost in excess of $1.5 billion in mark-to-market losses on the day, according to data firm S3 Analytics.
In fact, Tesla short sellers are now down more than $5.2 billion this year in mark-to-market losses after losing $2.89 billion in 2019, S3 said. Since the stock’s low of $178.97 on June 3, 2019, Tesla short sellers have covered 19.11 million shares, worth $11.1 billion, and are down $12.43 billion in mark-to-market losses, according to S3's Ihor Dusaniwsky.
Advertisement - story continues below