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Money Short sellers betting against Tesla lose more than $1 billion in single day as stock pops

13:25  07 june  2018
13:25  07 june  2018 Source:   cnbc.com

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Short sellers betting against Tesla lose more than $ 1 billion in single day as stock pops . Investors betting against Tesla lost more than $ 1 billion Wednesday, according to estimates from financial technology firm S3 Partners.

Investors betting against Tesla lost more than $ 1 billion Wednesday as the company's shares rallied the most in over two years, according to estimates from financial technology firm S3 Partners. Tesla stock closed Wednesday up 9.7 percent at 9.50 per share

Investors betting against Tesla lost more than $1 billion Wednesday as the company's shares rallied the most in over two years, according to estimates from financial technology firm S3 Partners.

Tesla stock closed Wednesday up 9.7 percent at $319.50 per share, meaning investors who sold the stock short lost a collective $1.07 billion in a single day, estimates S3. Tesla bears have lost nearly $5 billion in mark-to-market losses since 2016, S3's head of predictive analytics Ihor Dusaniwsky told CNBC.

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Hedge fund managers lost more than half a billion dollars Thursday because of their bet against Tesla , according to estimates from financial technology firm S3 Partners. With Tesla up 6 percent at the open of trading Thursday

Traders betting against Tesla have lost more than those betting against Apple, Amazon, and Netflix combined. Noel Randewich, Reuters.

Tesla shorts mark-to-market losses, in millions

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Chairman and CEO Elon Musk got a vote of confidence from shareholders at the company's annual meeting Tuesday. Musk also told shareholders it is "extremely likely" Tesla will hit a weekly Model 3 production rate of 5,000 cars by the end of the month. Tesla has been struggling with production issues and faces concerns about its finances.

Tesla is the most heavily shorted stock in the U.S., as well as the most heavily shorted automaker in the world. Short interest, or the number of shares borrowed in hopes of buying them back at a profit after the stock drops, totals $9.03 billion for Tesla, according to S3. That's about$1.6 billionlarger than second-place Amazon'sAMZN short interest.

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Those shorting Tesla stock ( short sellers ) have lost nearly billion so far in 2017, according to recent reports. stock , new data show. Short sellers are increasingly betting Elon Musk's mass market car won't live up to the hype.

Hedge fund managers lost more than half a billion dollars Thursday because of their bet against Tesla , according to estimates from financial technology firm S3 Partners. With Tesla up 6 percent at the open of trading Thursday

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"Shorts are actually covering slightly since the beginning of last month," Dusaniwsky said.

Shorting Tesla is costing investors "over $1 million in financing a day to keep up," Dusaniwsky added, as the fee investors pay to bet against the stock is at about 3.5 percent. At the beginning of this year, that fee was only about 1 percent, according to Dusaniwsky. By April the short fee had jump, hitting 3 percent and higher, he said. 

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