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Tesla stock (TSLA) pushes to new all-time high as people who bet against it lost $38 billion in 2020

Tesla’s stock (TSLA) is pushing a new all-time high as short sellers, people who bet against it, have lost $38 billion in 2020.

That’s more than on any other stock by a wide margin.

Tesla (TSLA) Short Sellers

Short selling is the process of selling shares of a company by borrowing them with the hope of buying it back lower and pocketing the difference.

Along with put options, it’s the most common way for people to bet against specific companies.

Tesla has a long history with short sellers as it has often been the most shorted stock on the NASDAQ as people saw the company as being overvalued or simply didn’t believe in electric vehicles.

CEO Elon Musk has often warned people not to bet against Tesla on the stock market.

He went as far as predicting a “‘next level short burn of the century,” and it looks like his prediction has become a reality in 2020.

S3 Partners, who track short selling interest, told Bloomberg that Tesla short sellers lost $38 billion betting against Tesla in 2020.

That’s $31 billion more than the second biggest short selling loss of the year:

“With shares up 730%, Tesla bears have seen more than $38 billion in mark-to-market losses this year, according to data from S3 Partners. By comparison, the next-biggest loss for short sellers was on Apple Inc., at just under $7 billion, S3 data shows.”

And it looks like it’s not over.

Tesla (TSLA) hits new all-time high

On the last trading day of the year, Tesla’s stock hit a new all-time high of over $700 per share when the market opened.

Chart provided by TradingView

Tesla’s market capitalization is now reaching over $660 billion.

This is particularly impressive when you consider that the automaker was worth less than $100 billion at the beginning of the year.

What do you think 2021 holds for Tesla shareholders? Let us know in the comment section below.

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