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Tech & Science Tesla short-sellers lost $1.4 billion after the company reported a surprise profit — erasing 70% of their gains for the year

07:40  28 october  2019
07:40  28 october  2019 Source:   businessinsider.com.au

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The losses erased almost 70 % of Tesla short - sellers ' gains for the year . With about .31 billion in short interest, Tesla is the second-most-shorted stock Leading up to Tesla 's third-quarter earnings report , analysts and investors were concerned about the company 's path back to profitability, which

The losses erased almost 70 % of Tesla short - sellers ’ gains for the year . With about .31 billion in short interest, Tesla is the second-most shorted stock “Shorts were reducing their exposure in the event of a strong earnings report ,” Ihor Dusaniwsky, managing director of predictive analytics at S3

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  • Traders betting against Tesla got crushed Thursday morning after the electric-car manufacturer reported a surprise earnings beat on Wednesday.
  • According to data from financial-analytics provider S3 Partners, Tesla short-sellers absorbed $US1.4 billion in mark-to-market losses after shares rallied as much as than 20%.
  • The gains wiped out close to 70% of Tesla short-sellers' profits for the year, S3 wrote in a research note Thursday.
  • Watch Tesla trade live on Markets Insider.

Traders betting against Tesla got clobbered Thursday after the company posted an unexpected profit for the third quarter.

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Investors betting against Tesla collectively lose more than $ 1 billion on Thursday as the company 's stock headed for its best day since 2013. Some high-profile short sellers such as Greenlight founder David Einhorn and Jim Chanos have clashed with Tesla and CEO Musk in the last few years .

Tesla short - sellers lose $ 1 .5 billion . Tesla shares shot up , or nearly 20%, on Thursday after the company reported a rare quarterly profit . That surprising news sent the stock soaring Thursday in the biggest increase in Tesla 's stock since 2013. That clobbered short sellers , who borrow shares

Short-sellers, who aim to make money by wagering that a stock will fall, lost $US1.4 billion after Tesla shares soared as much as 20%, according to data from financial-analytics provider S3 Partners. The losses erased almost 70% of Tesla short-sellers' gains for the year.

With about $US8.31 billion in short interest, Tesla is the second-most shorted stock in the US equity market behind Apple, according to S3.

Over the last month, Tesla short interest has fallen by 5.12 million shares, or about 13.6% of total shares shorted, S3 added.

"Shorts were reducing their exposure in the event of a strong earnings report," Ihor Dusaniwsky, managing director of predictive analytics at S3, wrote in a note Thursday.

He continued: "We are expecting more short covering and the continuation of this long-term short squeeze as TSLA's stock price continues to show strength."

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He said Tesla short sellers saw 70 % of their 2019 profits evaporate in a matter of minutes. This year had been a rebound year for Tesla short sellers after they booked mark-to-market While the earnings report got Tesla back to where it was 12 months ago, a sustained push above 0 and a

Tesla shares are surging — and short sellers are hurting. Wall Street investors betting against Tesla ’s stock got clobbered to the tune of nearly $ 1 .5 billion on Thursday after Elon Musk’s electric-car maker reported a surprise profit , giving the company ’s shares their biggest boost in six years .

Leading up to Tesla's third-quarter earnings report, analysts and investors were concerned about the company's path back to profitability, which has long been a key debate around the stock.

The electric-car manufacturer surprised Wall Street with a profit per share of $US1.91, compared to an expected loss per share of 24 cents.

Tesla CEO Elon Musk has been an outspoken critic of short-sellers in the past, arguing they decrease the true equity return of the stock.

Tesla shares are still down about 11% year-t0-date.

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