Tesla taunts short-sellers by selling 'short shorts'
'Limited edition short shorts now available,' Musk tweeted
Tesla CEO Elon Musk released limited edition red satin short shorts which sold out after being on the market for $69 each.
Tesla Inc. CEO Elon Musk took a swipe at short-sellers by listing “short shorts” on the company’s website.
Musk has from time to time expressed dismay with investors who bet against his company. In 2018, he sent a box of short shorts to hedge fund manager David Einhorn and last November offered to send him more.
The red satin shorts with gold trim, available for $69.42, feature a Tesla logo on the front left side and have “S3XY” written across the back. The 420 is a possible reference to the share price at which Musk said he had secured funding to take the company private, leading to a lawsuit from the U.S. Securities and Exchange Commission.
“Enjoy exceptional comfort from the closing bell,” the website said.
Shares of the Palo Alto, California-based electric-car maker have soared 189 percent this year, finishing at a record high $1,208.66 apiece on Thursday, a day after the company announced strong deliveries despite having to shut factories due to the COVID-19 pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 320.72 | +9.54 | +3.07% |
The soaring stock has caused short-sellers, or those betting the share price will fall, to scramble to close out their positions.
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Short interest in Tesla shares was 15.14 million, or 10.27 percent of shares available for trading, as of June 15, according to Dow Jones Market Data. That was down from a record 43.664 million in May 2019, when the stock was trading near $185.