Tesla Inc. stock’s 20% jump on Monday costs short sellers $2.5 billion, according to a a financial technology and analytics firm.
Tesla TSLA, +19.89% stock’s 20% rally resulted in paper losses of about $2.5 billion on Monday alone for short sellers, S3 Analytics said in a note.
“Everyone is anticipating a dramatic short squeeze, but it is more likely to be a continuous slow decline in shares shorted rather than a sudden abrupt plunge,” said S3, a financial technology and analytics firm. That’s because of different types of hedging, the analysts said. Tesla last week reported a stellar quarter complete with news that the Model Y, its compact SUV, is being made ahead of schedule and the company hopes to sell more than half a million vehicles in 2020.
Read more: Tesla earnings win praise even from doubters: ‘We fully admit things are better than we expected’
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