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Russian (RU) Reuters
Mon, Jul 7, 2025, 8:42 AM 1 min read
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(Reuters) -Traders are set to make about $1.4 billion in paper profits from their short positions in Tesla (TSLA) shares on Monday after CEO Elon Musk's plans to launch a new U.S. political party heightened concerns about his commitment to the company's future.
The company's shares slumped 7.5% in early trading after Musk's political move, which followed an open feud with Donald Trump over the U.S. president's tax-cut and spending bill.
NasdaqGS - Delayed Quote USD
As of 9:54:10 AM EDT. Market Open.
At a price of $296, investors betting against the EV-maker are on tack to make about $1.4 billion in profits, according to data analytics firm Ortex.
Short sellers had clocked more than $4 billion in profits on June 5, a day when Tesla saw its biggest single-day drop in market value after Trump and Musk's discord erupted into an all-out social media brawl.
Tesla's shares fell 7.5% at $291.50, having lost more than 21% so far this year.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Saumyadeb Chakrabarty)
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