How will Tesla stock fare today following yesterday's bloodbath due to Musk-Trump feud
Tesla share price
rose 4.2 per cent in premarket trading on Friday after plunging about 15 per cent on Thursday following US President Donald Trump's public feud with automaker's CEO
Elon Musk
, including threats to cut off government contracts with Musk's companies. Shares of the electric carmaker rebounded on signs of cooling tensions between Musk and Trump.
Tesla
shed about $150 billion in market value on Thursday, weighing on Wall Street indexes. White House aides scheduled a call between Trump and Musk for Friday, Politico reported, likely to ease the feuding after an extraordinary day of hostilities.
Meanwhile, traders raked in $4 billion in profit from their short positions in Tesla shares on Thursday after the public feud between Trump and Musk led to the stock's biggest single-day drop ever.
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The gains from betting against the EV maker were the second biggest, data from analytics firm Ortex showed. Traders had pocketed $5.4 billion from a selloff on September 8, 2020, after the firm was looked over for inclusion into the S&P 500 index.
With short sellers up $7.5 billion on their bet against Tesla, it remains the most profitable trade for the bearish investors among the "Magnificent 7" stocks this year. Apple stands second at $7.3 billion, according to Ortex.
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FAQs
Q1. Who is CEO is Tesla?
A1. Tesla CEO is Elon Musk.
Q2. How much shares Tesla shed in market value?
A2. Tesla shed about $150 billion in market value on Thursday.
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