Tesla short sellers down $6.08 billion in stock's 11-session winning streak -S3 Partners

from financial technology and analytics firm S3 Partners. This is despite Tesla's stock price more than doubling since mid-March.

According to S3 Partners, traders who sold Tesla Inc. shares short lost $6.08 billion in mark-to market value during the current winning streak of the electric car manufacturer.

Investors who'short sell' securities borrow shares, then sell them. They expect the stock price to drop so that they can purchase the shares at a lower price and return them to their lender.

According to Ihor Dusaniwsky of S3, the head of predictive analytics, Tesla shares worth $22.43 billion have been sold on short.

Even though Tesla's share price has risen, short sellers have increased their bets ever since April. 'Short sellers weren't convinced that the long-term price support would continue. A price retracement was inevitable' Dusaniwsky stated.

Traders are shorting 15.3 million shares of Tesla, valued at $3.6 billion in 2023. In the last thirty days, bearish bets increased further. 1.3 million shares worth $303 millions were sold short. This represents a 1.4% increase, even though Tesla's stock rose by 39%.

Tesla shares traded at $245.08 on Friday, up 4.4% from their previous high of early October.

(Reporting by Sinead carew; editing done by Lance Tupper Chris Reese and Chizu Nomiyama