Five months after placing the order, a number of Tesla customers are still waiting for their delivery.
These aren’t the electric cars they ordered, these are red satin shorts – called “shorts” – a challenge for investors betting on Tesla stock these days.
According to the Financial Times, the red shorts sold out immediately in early July. Nevertheless, more customers got to see Christmas approaching without receiving anything in the mail.
For Tesla shorts, one has to come out with dodgy sums of 69 dollars and 42 cents, possibly a reference to a sensational Twitter message from Elon Musk to get Tesla off the stock exchange for $ 420 in stock, which was sent back in 2018.
Red satin shorts are available on the company’s website this summer, along with a number of other Tesla-branded clothing.
“Run like the wind or cheer like Liberace in red satin and gold-edged shorts,” reads the shorts description on the website.
“Enjoy the great convenience of closing trades,” he continued.
Makes Tesla shorts with red satin shorts
Lost $ 35 billion
But even if not all of the shorts have come out, there’s nothing against the never-paying short bet.
Based on CNN Tesla shorts, that is, investors who bet on the decline in Tesla’s share price, have lost more than the entire American aviation industry this year.
The loss is equivalent to $ 35 billion so far this year, according to calculations made by S3 Partners. That is the equivalent of 307 billion Norwegian kroner today.
By comparison, the US aviation industry reported an estimated loss of $ 24.2 billion in the first nine months of this year, or about $ 213 billion.
Tesla shorts lost $ 8.5 billion in November alone, according to the same tally, when Tesla’s stock was up 46 percent.
Refusing to give up
Stock market stakes on Tesla have been surging for some time, in large part as electric car stocks skyrocketed despite low company earnings.
Now Wall Street stocks are at record levels after this year’s massive price surge, which resulted in many shorts, who bet on falling prices, having to discard cards due to huge paper losses, which is called a short squeeze (see fact box).
One investor who says he doesn’t want to give up is American hedge fund manager Jim Chanos. He has been a short Tesla for five years and said in a Bloomberg interview that he wasn’t done with the position.
However, he made no secret of the fact that it had been a painful journey over the past year:
– Very painful, of course, he said in the interview, where it also appears that Tesla’s short is somewhat reduced.
Known shorter refuses to give up betting on the bluffs Tesla: – It hurts a lot
Sold twice as much on Ebay
However, few who know how to profit from Tesla’s revival are customers who have received red satin shorts.
A quick search on Ebay showed that several shorts in red satin, with the Telsa logo on the front and «S3XY» (reference to four car models) on the back, sold more than 1,000 Norwegian kroner, some also exceeding 2,000 kroner.