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Tesla’s shares fell 7.5% at US$291.50, having lost more than 21% so far this year
Published Mon, Jul 7, 2025 · 10:55 PM
[NEW YORK] Traders are set to make about US$1.4 billion in paper profits from their short positions in Tesla shares on Monday (Jul 7) after CEO Elon Musk’s plans to launch a new US political party heightened concerns about his commitment to the company’s future.
The company’s shares slumped 7.5 per cent in early trading after Musk’s political move, which followed an open feud with Donald Trump over the US president’s tax-cut and spending bill.
At a price of US$296, investors betting against the EV-maker are on tack to make about US$1.4 billion in profits, according to data analytics firm Ortex.
Short sellers had clocked more than US$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 per cent at US$291.50, having lost more than 21 per cent so far this year. REUTERS
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