Soaring fortunes: Trump (left) and Musk at a campaign rally in Butler, Pennsylvania. Tesla is up roughly 30% in 2024, after more than doubling its value last year. Its performance also stands out in contrast to other stocks in the green sector. — Reuters
NEW YORK: Since Donald Trump’s election win, the hedge funds clinging on to bets against Tesla Inc have lost billions of dollars, as they feel the fallout of the special relationship between the President-elect and Elon Musk.
Hedge funds that had short positions against Tesla between election day and Friday’s close took an on-paper hit of at least US$5.2bil, according to Bloomberg calculations based on data compiled by S3 Partners.
