Tesla Short Sellers Just Minted Billions

Tesla bears racked up $4 billion in mark-to-market profits on short positions Thursday in one of their biggest single day gains ever, according to estimates from data provider S3 Partners.
Traders have made outsized bets against Tesla for years, and they've mostly been burned for it. This year has been better: Investors have made $7 billion betting against Tesla year-to-date, a roughly 30% return. Elon Musk's company is currently the second most shorted stock in the U.S. by total value of the position, with around $27.7 billion of shares sold short, according to S3. Short sellers borrow shares of a company and then sell them, hoping to buy them back for less later and pocket the difference.

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