As if Elon Musk wasn’t already having a good day. That’s enough to erase about 70% of the $2 billion in profits they’d accumulated this year. Tesla shares had lost 24% since the beginning of the year before Thursday’s rally. Bearish bets on Tesla had amounted to profits of about $5.16 billion in June, when the stock slumped to a three-year low. “We are expecting more short covering and the continuation of this long-term short squeeze as Tesla’s stock price continues to show strength,” S3’s Dusaniwsky wrote Thursday.

Source: Los Angeles Times October 24, 2019 19:18 UTC