markets

Musk Delivers $1.1 Billion ‘Short Burn’ Touting Model 3 Progress

Investors have backed Tesla’s besieged board. Bloomberg’s Dana Hull reports.

It took a few weeks, but Elon Musk delivered the “short burn” he promised was coming for Tesla Inc. bears.

The 9.7 percent jump in Tesla shares Wednesday -- spurred by Musk’s optimism that the company will meet its next production target for the Model 3 sedan -- cost short sellers $1.1 billion in mark-to-market losses, according to S3 Partners LLC.

Musk, 46, told shareholders at Tesla’s annual meeting Tuesday that the company may even exceed a goal to make 5,000 Model 3s a week by the end of this month, thanks in part to the installation of a third general assembly line. In early May, he tweeted that the “short burn of the century” was coming soon for those betting against the carmaker.

Read more: Tesla soars on Musk’s Model 3 confidence

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE