Tesla Short Sellers Lose $3.5 Billion Following Delivery Report Surge

👉 Key Highlights:

📍 Tesla’s shares surge 17%, causing $3.5 billion losses for short sellers.

📍 Second-quarter deliveries total 443,956 units, surpassing estimates.

📍 Short interest in Tesla stands at 3.5% of float.

📍 Tesla's stock nears year-to-date break-even, now just $2 shy of last year's close.

📍 Price cuts and financing offers boost demand despite sales decline.

👉 Context/Background:

Tesla, a leading electric vehicle maker, has recently seen a surge in its stock price, primarily driven by better-than-expected delivery numbers for the second quarter. This surge has notably impacted short sellers, who bet against the company's stock performance, amidst ongoing promotions and strategic pricing adjustments by Tesla to boost sales.