ESG & Investing
Hedge Funds That Piled Into Big Tesla Short Stung by Rally
- Growing number of hedge funds shorted Tesla through June
- Development feeds into caution around wider EV market
A customer walks past Tesla vehicles at a dealership in Rocklin, California.
Photographer: David Paul Morris/BloombergHedge funds piled into short bets against Tesla Inc. right before the electric vehicle maker unveiled a set of numbers that triggered a hefty share-price rally.
About 18% of the 500-plus hedge funds tracked by data provider Hazeltree had an overall short position on Tesla at the end of June, the highest percentage in more than a year, according to figures shared with Bloomberg. That compares with just under 15% at the end of March.