Hedge funds that bet against Tesla Inc. have suffered billions in losses following Donald Trump’s election win and his alliance with CEO Elon Musk. Hedge funds with short positions against Tesla from election day to last Friday experienced paper losses of at least $5 billion. Many funds quickly reversed short positions as Musk’s endorsement of Trump spurred Tesla shares to surge nearly 30%, adding over $200 billion to the company’s market value. Tesla's stock has risen around 30% this year, contrasting the sector’s overall decline despite the wider EV sector’s challenges.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Hedge funds that bet against Tesla have suffered billions in losses following Donald Trump's
00:06election win and his alliance with Tesla CEO Elon Musk. Hedge funds with short positions
00:12against Tesla from election day to last Friday experienced paper losses of at least $5 billion.
00:18Many funds quickly reversed short positions as Musk's endorsement of Trump spurred Tesla shares
00:24to serve nearly 30% adding over $200 billion to the company's market value. Tesla's stock has
00:30risen around 30% this year contrasting the sector's overall decline despite the wider
00:36EV sector's challenges. For all things money visit Benzinga.com slash GSTV