Tesla short sellers are down billions after stock’s winning streak

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Tesla Inc. stock took a breather on Wednesday, snapping a 13-day winning streak, but it has more than doubled so far this year, creating a multibillion-dollar headache for those betting that the shares would fall.

There has been an increase in Tesla TSLA short selling for all of 2023, but “we’ve recently seen short covering as its stock price has been rallying,” said Ihor Dusaniwsky, a managing director at financial analytics firm S3 Partners. “This has been a very unprofitable trade for Tesla short sellers.”

Tesla…

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