Tesla jumped as much as 24% on Tuesday, extending a vertiginous stock spike that has made it the world’s second-largest automaker by market value. The Saudis built their stake in Tesla in 2018, disclosing 8.3 million shares in the company that were worth $2.8 billion in December that year. By midmorning on Tuesday, those short positions fell $2.7 billion in value, following a $3.2-billion drop on Monday, which was the largest one-day decline in value for Tesla short bets, according to S3 Partners. The paper losses bring the total drop in value of Tesla short positions to $11.6 billion for the year. “This is completely uncharted territory,” said Spiegel, who remains confident the stock price will drop.

Source: Los Angeles Times February 04, 2020 18:11 UTC