Tesla Inc. TSLA CEO Elon Musk yet again took a swipe at skeptics of his company, after a post claimed that short interest in the EV maker was still the highest in the world.
What Happened: On Saturday, Musk said on X, “They’re gluttons for punishment.” This was more or less the same quip he made in a similar context earlier this month, as well as in August.
His comment came in reply to Tesla influencer and investor, Omar Qazi —known as "Whole Mars Blog" on social media — who shared a report from capital markets commentator The Kobeissi Letter that showed short interest in Tesla stood at $16.9 billion.
Although that number shows a bit of a dip in short interest from earlier this month, it still makes Tesla the most shorted stock by value.
“For years now, Tesla has held the title of being one of the most heavily shorted stocks. Meanwhile, the stock is up nearly 20,000% since it went public,” The Kobeissi Letter added in its post. “Elon Musk leads 7 companies that are now worth a combined $1 trillion+. Why is the market consistently betting against him?”
See Also: Everything You Need to Know About Tesla Stock
Why It Matters: Earlier this month, data from S3 Partners showed that short interest in Tesla stood at $18.36 billion, making it the world’s most valuable short. Around 3.03% of the float, or about 83.34 million shares, are currently shorted.
Tesla’s stock has been in a slump since the company’s third-quarter results were unveiled in mid-October. This has caused bearish bets on the stock to rise, leading some to believe that a short squeeze could be on the horizon.
Some believe the impending launch of Tesla’s much-anticipated Cybertruck could ignite a short squeeze-driven rally.
Price Action: Tesla shares closed Friday 0.53% higher at $235.45 before rising 0.11% in after-hours trading. Despite all the drama, the stock is up 117.81% so far this year, according to data from Benzinga Pro.
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