Hyperdrive
It’s Been an Afternoon of Terror for Tesla Shorts
- Tesla is the most-shorted stock in U.S. market, S3 Data shows
- Musk’s tweet is a way to mute company’s shorts, O’Rourke says
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What’s in a tweet? Almost $800 million of potential losses to short sellers, when it comes to Tesla’s Chief Executive Officer Elon Musk.
News that he’s considering taking the company private at an $82 billion valuation helped ignite an 11 percent rally in the shares, which at one point were halted for 90 minutes. The stock, up before Musk’s initial tweet on reports Saudi Arabia’s sovereign wealth fund had built a stake, saw its market value swell by $6.4 billion.