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Tesla has the largest short in the U.S. market at nearly $2.7 billion

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Yahoo Finance markets reporter Alexandra Semenova details the surge in short interests on EV developer Tesla.

Video Transcript

[MUSIC PLAYING]

- Welcome back, everyone. Since the GameStop debacle last year, short sellers have been in the financial spotlight. It can be a risky business if you miss your target. And it would seem that Tesla shorts have done just that. For more on this, we turn to Yahoo Finance's Alexandra Semenova. So Alexandra, what do we need to know?

ALEXANDRA SEMENOVA: That's right, [? Rachelle, ?] a rally in Tesla has capped a winning streak for traders betting against the stock. According to data from S3 Partners, short sellers who piled into the electric vehicle giant lost at least $1 billion Thursday as the stock rallied 10%, to close above $800 per share for the first time since May. Tesla's surge comes after the electric vehicle maker reported earnings on Wednesday that largely beat Wall Street estimates. And in a call with analysts, CEO Elon Musk also said the company was in for a potentially record-breaking second half of the year.

Tesla has been the most unprofitable short for traders in July, with traders shorting the stock down nearly $3 billion this month. So far, several megacap, crypto and meme stocks have also dealt a blow to short sellers recently, as we've seen some of the most beaten down names rally in recent sessions. Shares of Tesla are still down 30% year to date, though, and the company remains the largest short in the US and worldwide. And Tesla shorts remain profitable for the year, up more than $6 billion in year-to-date mark to market profits. Guys?