Tesla shareholders (TSLA) were in for a wild ride on Tuesday, as the stock continued its torrid pace and peaked at a high of $968.99. It wasn’t until just minutes before the final bell when the stock dropped by nearly 100 points, likely due to a big sell-off to capture the days gains.
But the performance that was seen on Tuesday was more of one where investors were looking to catch a ride to the top, and not a change in heart for the TSLA bears, according to a report from Reuters.
What also hasn’t happened is a reversal of the huge short position, which makes up nearly 20% of the company’s shares. The goal of a short seller is to make money on the stock going down. In just the last 2 days alone, short sellers have lost nearly $6 billion (on paper, as they’re still holding their positions).
With the year only being a few days over 1 month old, the rest of the year is certainly going to be interesting for Tesla shareholders. With the upcoming deliveries of the Model Y next month, with Gigafactory Shanghai ramping up production and also adding the Model Y to its production lineup, battery and powertrain investor day sometime in April, and Tesla Semi deliveries later in the year, to name just a few, the potential for shares to reach even higher is certainly there.