Tesla short sellers are buying shares to cover their short positions like crazy — but the short burn hasn’t even begun.
Tesla is the most shorted stock on the market. With the drop from around 45 million shares shorted to around 30 million shorts have decreased the size of their position by about a third, after accumulating over $6 billion in mark to market losses.
That means that since 2016 alone, Tesla short sellers have lost more money than Tesla has in its entire history. Talk about burning cash on a useless idea…
Damn shawty. Get ready — the worst is yet to come.
$TSLA short interest for 10/31/19 just published.— Tesla Daily (@TeslaPodcast) November 11, 2019
Short interest decreased by 5.4M shares from 10/15 (pre-earnings) to 10/31 (post-earnings).
10/31: 31.8M shares
10/15: 37.2M shares
09/30: 36.1M shares
09/15: 38.9M shares
08/30: 39.7M shares pic.twitter.com/bwEICNu9yf
The 5.4M share decline in $TSLA short interest between 10/15 – 10/31 was the sharpest decline between short interest reporting dates in $TSLA's history. The previous sharpest decline was 4.5M shares in…. you guessed it… 2013, in May. @elonmusk @tesla— Tesla Daily (@TeslaPodcast) November 11, 2019
Here is $TSLA during 2013. The circled period contained back-to-back 4.5M share declines in short interest, the sharpest declines prior to today's report of a 5.4M share decline in short interest. Note what happened throughout the rest of 2013. @elonmusk @tesla https://t.co/EPC7D28oMr pic.twitter.com/s2DXgaum2z— Tesla Daily (@TeslaPodcast) November 11, 2019