(Reuters) Tesla Inc (TSLA.O) shares soared 16 percent on Thursday, a day after the electric car maker’s better-than-expected quarterly report, and financial analytics firm S3 Partners said short-sellers were slammed with $1.7 billion in paper losses on the day. S3 said the day’s losses pushed the aggregate year-to-date performance of short-sellers in Tesla into the red. Short-sellers aim to profit by selling borrowed shares, hoping to buy them back later at a lower price. Tesla is the most shorted U.S. stock.
Tesla Shares Spike, Dealing Short-Sellers a $1.7 Billion Loss
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