Musk Delivers $1.1 Billion ‘Short Burn’ Touting Model 3 Progress
It took a few weeks, but Elon Musk delivered the “short burn” he promised was coming for Tesla Inc. bears.
(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.
To contact the reporter on this story: Dana Hull in San Francisco at dhull12@bloomberg.net
To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Mark Schoifet
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