Tesla shares turn negative
Tesla (TSLA) shares turned negative on Thursday after a Bloomberg report said the EV giant will delay until October its robotaxi unveiling, originally slated for August 8.
The stock's recent monstrous 11-day rally has left short sellers sitting on heavy losses. Earlier on Thursday, TSLA shorts were down about $7 billion in July month to date, mark-to-market, according to S3 Partners data.
"TSLA shorts have been getting squeezed since May and especially since the rally that started at the end of June," Ihor Dusaniwsky, managing director at S3 Partners, told Yahoo Finance on Thursday.
Shares turned negative at around 11:30 a.m ET, falling as much as 3.5%.
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