In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNT An electric vehicle of the model Y is pictured during the start of the production at Tesla's "Gigafactory" on March 22, 2022 in Gruenheide, southeast of Berlin. - US electric car pioneer Tesla received the go-ahead for its "gigafactory" in Germany on March 4, 2022, paving the way for production to begin shortly after an approval process dogged by delays and setbacks. (Photo by Patrick Pleul / POOL / AFP) (Photo by PATRICK PLEUL/POOL/AFP via Getty Images) Patrick Pleul | Afp | Getty Images Tesla's better-than-expected deliveries report this week has been bad news for traders betting on a drop in the electric vehicle maker's stock.
With the shares rallying 17% in the two trading days since the second-quarter report, short sellers have lost an estimated $3.5 billion on a mark-to-market basis, according to data from S3 Partners. It's been a painful few months for short sellers, as Tesla shares have soared 73% since bottoming for the year in April.
After closing at $246.39 in shortened trading on Wednesday, the stock is a little more than $2 shy of wiping out its loss for the year. Short interest in Tesla currently stands at 3.
5% of float, or 97 million shares shorted, with a $22.4 billion notional value. Tesla reported second-quarter deliveries on Tuesday of 443,956, topping Wall Street estimates of 439,000.
Deliveries fell 4.8% from a year earlier, but the decline wasn't as steep as the 8.5% year-over-year drop.
