(Bloomberg) -- It took a few weeks, but Elon Musk delivered the “short burn” he promised was coming for Tesla Inc. bears.
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The 9.7 percent jump in Tesla shares Wednesday -- spurred by Musk’s optimism that the company will meet its next production target for the Model 3 sedan -- cost short sellers $1.1 billion in mark-to-market losses, according to S3 Partners LLC.
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Musk, 46, told shareholders at Tesla’s annual meeting Tuesday that the company may even exceed a goal to make 5,000 Model 3s a week by the end of this month, thanks in part to the installation of a third general assembly line. In early May, he tweeted that the “short burn of the century” was coming soon for those betting against the carmaker.
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