While shares have bounced back a bit from their lows in early June, Tesla remains on pace for its worst annual decline on record. The downturn comes amid growing concern about demand for its vehicles and the company’s ability to turn profits.
Short-seller gains for Tesla are more than triple this year’s second-most profitable bearish bet: drugmaker AbbVie, which returned about $US776 million. DuPont de Nemours was third, handing bears $US631 million in mark-to-market gains.
Wondering about the worst-performing shorts? Surprisingly, one of the costliest bearish bets in the market this year, Beyond Meat, is not on the top 10 list. Short-sellers got a boost after a surprise secondary offering last month sent the stock plunging. Beyond Meat is trading roughly 30 per cent below its late July peak.
Depository receipts for Alibaba Group have yielded the largest loss for bears so far, reaching nearly $US3 billion. That’s followed by Apple and Advanced Micro Devices, which despite the trade war tumult, have been difficult to bet against.
The S&P 500 Information Technology Index, which includes half of the names in this list, has gained 28 per cent in 2019 so far.