Tesla Stock Rally Steamrolls Shorts, Erasing Year’s Gains in One Day
- Bears took $3.5 billion hit on biggest 1-day gain in a decade
- Shares soared on electric-vehicle giant’s big earnings beat
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Tesla Inc.’s blowout earnings caught everyone off guard.
But it was the bears who paid the price this week. The electric-vehicle maker’s results delivered a gut-punch to short-sellers — investors who make money by betting that a security will fall over a certain period of time — when they saw all their profits for the entire year wiped out in just one trading day.