Tesla Shorts Rack Up $9.1B in Profits as SpaceX Lock-Up Expiration Looms
TSLA is trading near its 52-week low of $297.82 (2.6% above the low) on light trading volume (0.1× avg).
Summary
Short sellers have made $9.1 billion in mark-to-market profits betting against Tesla this year, making it the most profitable short trade in the market. SpaceX ranks second, with its stock under pressure ahead of an August 6 lock-up expiration that could release up to 911.5 million shares. Ark Invest continues to buy both names, adding $14.1 million of SpaceX on Monday and $12.2 million of SpaceX plus $12.4 million of Tesla on Tuesday. The short-interest data and looming supply overhang add a new layer of risk for Tesla, which is already trading near its 52-week low. The lock-up event could amplify selling pressure if early investors or employees move to cash out.
At the time of this announcement, TSLA was trading at $305.61 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.2T. The 52-week trading range was $297.82 to $498.83. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.