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Tesla is now the largest shorted stock in the U.S. equity market according to new research from financial analytics firm S3 Partners, meaning investors are looking for a plunge at some point. It has $10.4 billion in short interest, according to the report.
Elon Musk took to Twitter on Wednesday, sharing the article titled “More Bets Against Tesla Than Any Other Company.”
“Could be worse,” Musk said in the caption.
Could be worse https://t.co/CtnkJysquj
— Elon Musk (@elonmusk) June 8, 2017
The story actually provides a favorable view of Tesla, noting the Palo Alto, California-based car maker’s shares are up 65% year to date and investors betting against the company have lost $5 billion in 2017.
Consumer Edge Research upgraded its price target on Tesla’s shares last week to $385, the highest estimate on Wall Street, in anticipation of the Model 3’s release on July 1. The company says it will deliver 5,000 vehicles every week by the end of the year and 10,000 next year.
Shares were up 2.1% to $367.10 on Thursday afternoon.
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