As Tesla’s (NASDAQ: TSLA) stock continues to surge to record levels, Elon Musk cannot help himself but poke fun at the losses short-sellers are currently succumbing to. According to recent data released by financial analytics company S3 Partners, Tesla has amassed $19.85 billion in short interest, meanwhile the EV maker’s stock surged to $1,544.65 on Friday.
S3 Partners managing director Ihor Dusaniwsky suggests that this unusual stock market observation will soon poise Tesla as a candidate for a short squeeze. Thus far, the carmaker’s stock has been soaring to new highs, as traders who bet on the price falling are now scrambling to buy shares of the stock in order to cut their losses. This sudden increase in demand for Tesla’s stock has caused it to soar even higher, and Elon Musk couldn’t help himself but poke fun at the entirety of the situation.
Following a series of tweets where Musk wrote, “Who wears short shorts?”, the entrepreneur soon launched red and gold coloured short shorts on the company’s website, selling them at $69.42 per pair. Further poking fun at the short sellers experiencing financial losses, the description of the shorts read, “Enjoy exceptional comfort from the closing bell.”
Information for this briefing was found via Business Insider, Bloomberg, OilPrice.com, and Yahoo Finance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The Grocery Grift: Why Toronto and New York Are About to Light Taxpayer Money on Fire