With the shares rallying 17% in the two trading days since the second-quarter report, short sellers have lost an estimated $3.5 billion on a mark-to-market basis, according to data from S3 Partners.
It’s been a painful few months for short sellers, as Tesla shares have soared 73% since bottoming for the year in April. After closing at $246.39 in shortened trading on Wednesday, the stock is a little more than $2 shy of wiping out its loss for the year.
Short interest in Tesla currently stands at 3.5% of float, or 97 million shares shorted, with a $22.4 billion notional value.
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