Elon Musk can’t be happy about this.
After nine months of having their bets absolutely annihilated by Tesla’s surging stock price, short sellers are finally making some of that money back. They’ve raked in $890 million in mark-to-market profits since the start of the fourth quarter, according to data compiled by financial-analytics firm S3 Partners.
It’s a redemption story of sorts for Tesla bears, who stubbornly clung to short wagers as shares spiked as much as 80% in 2017. Now, on the heels of a disappointing earnings report and faced with a production bottleneck for its hotly-anticipated Model 3 vehicle, Tesla shares are down 8.7% since the end of September.
