Tesla short-sellers are getting hammered by Donald Trump's election win
Hedge funds betting against shares in Elon Musk's EV maker have lost $5.2 billion since the election
As Tesla stock continues its rally on the heels of Donald Trump’s election win, short-sellers are feeling the pain.
Hedge funds betting against Tesla stock, also known as shorting, lost at least $5.2 billion, Bloomberg calculated using data compiled by S3 Partners. That comes as the electric vehicle maker, helmed by billionaire and staunch Trump ally Elon Musk, sees a renewed surge that helped its market capitalization once again pass $1 trillion last week.
Since Election Day, Tesla stock has risen almost 28%, with shares up almost 7% in pre-market trading Monday. As of last Friday, shares of the EV company were up 44% over the prior 12 trading days, far outpacing the Nasdaq’s 4% gain during the same period, according to Gene Munster, managing partner at Deepwater Asset Management.
Musk has become a close ally of Trump’s over the past several months, even spending election night with him at Trump’s Mar-a-Lago resort in Florida. Earlier this year, Musk founded a super PAC in support of Trump’s re-election bid, and donated at least $80 million.
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nobody gave them the memo never to bet against Elon 😅