As if Elon Musk wasn't already having a good day.
With Tesla's surprise quarterly profit pushing shares to an eight-month high, the automaker's CEO is finally making good on his May 2018 warning to investors who bet against the company, when he infamously tweeted the "short burn of the century" was imminent.
It may have taken longer than he expected, but Tesla's surge Thursday hit short sellers with about US$1.36 billion (NZ$2.13 billion) in mark-to-market losses, according to S3 Partners' Ihor Dusaniwsky. That's enough to erase about 70 per cent of the US$2 billion in profits they'd accumulated this year.
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The stock gained as much as 20 per cent as the market opened to US$304.93, its highest intraday price since March 1, before paring gains to 16 per cent. Tesla shares had lost 24 per cent since the beginning of the year before Thursday's rally.