Hedge Funds Shorting Tesla Just Lost Over $5 Billion
Since Donald Trump’s election win, the hedge funds clinging on to bets against Tesla Inc. have lost billions of dollars, as they feel the fallout of the special relationship between the president-elect and Elon Musk.
Tesla stock surge immediately after election
Bloomberg chart
The Tesla chief executive officer has emerged as Trump’s biggest billionaire fan. Musk has used his position as the world’s richest person to turbocharge Trump’s campaign, making him one of the biggest donors of the 2024 election.
Throwing his lot in with the president-elect now lines Musk up for a position of political influence, as Trump makes clear he’s planning to reward loyalists.
Elon Musk emerges as Donald Trump’s biggest billionaire fan
Tesla outlook seen tied to Musk’s close relationship to Trump
Hedge funds that had short positions against Tesla between election day and Friday’s close took an on-paper hit of at least $5.2 billion, according to Bloomberg calculations based on data compiled by S3 Partners.
