Hyperdrive
Many Tesla Short Sellers Are Giving Up
- Bets against electric-vehicle maker have slumped this year
- Carmaker turns in another record quarter of vehicles shipped
Workers unload Tesla Model 3 electric vehicles outside the company's delivery center in Marina Del Rey, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Tesla Inc. is inflicting more pain on short sellers, and many of them are giving up.
Shares of Elon Musk’s electric-vehicle maker have jumped 39% since touching their 2021 low in March, sending bears rushing to cover their negative bets. The percentage of stock borrowed by traders, a standard measure of short interest, has slumped to 1.1% of Tesla’s shares available for trading, according to IHS Markit Ltd. as of last Thursday. That’s the lowest since 2010, when the carmaker went public.