Tesla Shorts Gain $1.4B As Shares Slide After Musk’s Political Party Announcement

Benzinga

Tesla shares dropped 7.5% Monday after CEO Elon Musk announced plans to launch a new U.S. political party, according to Reuters. The announcement intensified concerns over his focus on the company. The move followed a public clash with Trump over tax and spending policy, fueling investor unease. Traders holding short positions in Tesla stand to gain approximately $1.4 billion in paper profits at a share price of $296, according to Ortex. Tesla stock has fallen more than 21% year-to-date. On June 5, short sellers earned over $4 billion when the Musk-Trump feud triggered Tesla’s steepest single-day drop in value.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla shares dropped 7.5% money after CEO Elon Musk announced plans to launch a new U.S.

00:07political party, according to Reuters. The announcement intensified concerns over his

00:11focus on the company. The move followed a public clash with President Trump over tax and spending

00:15policy, fueling investor unease. Traders holding short positions in Tesla stand to gain approximately

00:20$1.4 billion in paper profits at a share price of $296, according to Ortex. Tesla stock has

00:28fallen more than 21% year-to-date. On June 5th, short sellers earned over $4 billion when

00:33the Musk Trump feud triggered Tesla's steepest single-day drop in value.

00:37For all things money, visit Benzinga.com.

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