Tesla Short Sellers Lose $1.5 Billion in a Single Day
Elon Musk celebrates by releasing (no joke) his own EDM track
Yesterday was not the day to bet against Elon Musk.
As CNBC reports, Tesla short sellers lost more than $1.5 billion on Thursday after the electric-car maker reported solid earnings of $2.14 per share (well above the expected $1.72 per share), and the company itself said it expected “positive cash flow” from now on, barring one-time production investments.
Those same investors are now down more than $5.2 billion this year alone, following a loss of $2.9 billion last year. That said, Tesla remains the most-shorted stock in terms of equity value short.
Tesla was at $640.81 per share at the end of Thursday. As Ihor Dusaniwsky of S3 Analytics noted to CNBC, “Shorts were trampled by a Tesla Semi as its stock price rose +9% within the first 5 minutes of trading and had little chance to close out positions at anywhere near yesterday’s closing price.”
So how did Musk celebrate? The Tesla founder dropped an EDM track on Soundcloud called “Don’t doubt yer vibe,” changed his Twitter name to E “D” M and retweeted a 69 joke.
Unlike recent Tesla earnings news, reactions to the track were mixed.
Don’t Doubt ur Vibehttps://t.co/5FJNJXUxW0
— E “D” M (@elonmusk) January 31, 2020
Subscribe here for our free daily newsletter.
Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
Suggested for you