Tesla shares closed down more than 14%, according to data from MSX.COM, after the company’s second-quarter profit came in below expectations. The drop revived market concerns over Tesla’s ambitions in artificial intelligence and robotics. Ihor Dusaniwsky, managing director at S3 Partners, said the sell-off put investors betting against Tesla on track to make about $4.12 billion in mark-to-market profit for the day. Separate data from S3 showed that roughly 3% of Tesla’s shares were sold short. The move turned Tesla into one of the day’s sharpest declines and highlighted how quickly weak earnings can translate into gains for bearish positions when short interest is already in place.
Tesla shares closed down more than 14%, according to MSX.COM data, after the company reported second-quarter profit that fell short of expectations.
The weak result renewed concerns over Tesla’s ambitions in artificial intelligence and robotics.
Ihor Dusaniwsky, managing director at S3 Partners, said the sell-off put investors betting on a decline in Tesla stock on track to make about $4.12 billion in mark-to-market profit in a single day.
S3 data also showed that about 3% of Tesla’s shares were sold short.
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