Tesla short sellers set to pocket about US$1.4 billion in profits after stock slump
The company's shares slumped 7.5 per cent in early trading after Musk's political move, which followed an open feud with Donald Trump over the US president's tax-cut and spending bill.
At a price of US$296, investors betting against the EV-maker are on tack to make about US$1.4 billion in profits, according to data analytics firm Ortex.
Short sellers had clocked more than US$4 billion in profits on June 5, a day when Tesla saw its biggest single-day drop in market value after Trump and Musk's discord erupted into an all-out social media brawl.
Tesla's shares fell 7.5 per cent at US$291.50, having lost more than 21 per cent so far this year. REUTERS
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