The post Tesla short sellers lost $5.7 billion in a week appeared on BitcoinEthereumNews.com.

Tesla (NASDAQ: TSLA) stock has been one of the best performers in the whole of the S&P 500, as it caused significant losses to short-sellers of this popular EV maker stock. Since July 2 and the release of the second-quarter delivery report, TSLA stock added over 25% to its value, while the previous 30 days brought gains of over 45%. TSLA stock 30-day price chart. Source: Finbold This surge led to an estimated $5.7 billion in unrealized losses to TSLA stock short-sellers, with a potential for further increase as the company’s stock price continues to gain. Highest short interest of TSLA stock in years According to the stock market data tracker Ortex, Tesla stock experienced a new level of short-interest pressure. Namely, it reached 3.84% in the previous week, a level not seen since 2021, just before TSLA stock surged to a new all-time high and recorded the most successful year on record so far–2022. TSLA stock short-interest 1-year chart. Source: Ortex This level has subsided to 3.80%, or approximately 105.3 million shares shorted, with an average cover of 0.68 days. Due to their short time span, short-sellers are especially vulnerable to further price increases of TSLA stock. TSLA stock short-interest. Source: Fintel Cost-cutting initiatives and the Q2 report could fuel further TSLA stock surge On July 2, Tesla reported second-quarter deliveries of 443,956 vehicles, surpassing Wall Street estimates of 439,000. While deliveries fell 4.8% from a year earlier, this decline was less steep than the 8.5% year-over-year drop in the first quarter.  This suggests that demand for Tesla vehicles remains stronger than feared despite an aging lineup and increasing competition.  Tesla has been offering various incentives to boost sales, such as discounts, low- or no-interest financing options, and other perks. In the second quarter, Tesla reduced prices in Germany…

---

Filed under: News - @ July 9, 2024 10:18 am