Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during a Boring Co. event in Los Angeles, California, U.S. (Photographer: Patrick T. Fallon/Bloomberg)

Musk Delivers $1.1 Billion ‘Short Burn’ Touting Model 3 Progress

(Bloomberg) -- It took a few weeks, but Elon Musk delivered the “short burn” he promised was coming for Tesla Inc. bears.

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.

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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