Tesla (TSLA) rally hurts hedge funds that shorted EV maker before Q2 results
What caused Tesla's valuation to increase last week?
Tesla's valuation increased last week due to a surge in its share price, gaining $150 billion in just three days. This was driven by the company's Q2 2024 vehicle delivery and production report, which beat Wall Street estimates, leading to short sellers losing an estimated $3.5 billion on a mark-to-market basis.
How much did Tesla's valuation increase in three days?
Tesla's valuation increased by $150 billion in three days following the release of its Q2 2024 vehicle delivery and production report. This surge in valuation came as a result of the company beating Wall Street's estimates and led to short sellers losing an estimated $3.5 billion on a mark-to-market basis.
What percentage of hedge funds held a short position in Tesla at the end of Q2 2024?
About 18% of the over 500 hedge funds being tracked by data provider Hazeltree held a short position in Tesla at the end of Q2 2024. This was the highest percentage in over a year, up from 15% at the end of Q1 2024.