According to analysis by S3 Partners, short investors in Tesla— those who placed bets in the market that its shares would lose value — have lost $35 billion on those positions so far this year.
Tesla short sellers lost $8.5 billion in November alone, as the company’s shares climbed 46% in the month. That’s more than the $6.7 billion Tesla itself lost in the 11 years from when it first reported results in 2008 to the end of last year.
Dusaniwsky said many of the shorts have closed out their positions — the number of Tesla shares held by short sellers is down 63% so far this year. But he said many are still unwilling to change their minds, despite the losses.