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There are the stunned “Teslanars” who, of course, will tell you how successful they have been this year, and then there is the other, much darker side of the job.
Those who bet against Elon Musk.
According to S3 Partners, short sellers lost more on Tesla TSLA,
than for any other business. And it is not at a distance. We are talking about billions and billions more.
It’s not just the biggest loss to market value for a stock this year, ”S3 Managing Director Ihor Dusaniwsky told Bloomberg News, but“ the biggest annual loss to market. that I have ever seen. ”
In total, Tesla Bears racked up more than $ 38 billion in mark-to-market losses as the stock exploded for a gain of more than 700% this year. The next biggest money loser for short gins? Apple AAPL,
to nearly $ 7 billion, S3 reported.
And Musk is clearly savoring every minute, with taunts like this:
Amid the carnage, there are far fewer Tesla shorts these days, with short interest dropping to 6% of the float from 20% a year ago. Kynikos Associates founder Jim Chanos, for example, revealed to Bloomberg earlier this month that betting against the stock had been “painful” and that he had reduced the size of his short position in his hedge fund.
“The short squeeze lasted all year. It was a straight line sloping down, ”S3’s Dusaniwsky told Bloomberg. “The great thing about Tesla over any other stock is that the vast majority of retail shareholders will never be sellers. They love the stock, they love the car, they love Elon Musk, and they are long-time shareholders.
Tesla shares are on track to end the year higher, up 1% at the start of Thursday’s shortened trading session, while the Dow Jones Industrial Average DJIA,
and S&P 500 SPX,
also slightly higher and the Nasdaq Composite COMP,
was slightly offset.
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