In Hazeltree’s Short Crowdedness Report, Tesla was surpassed by Chevron in the firm’s April report. This is notable as Chevron has consistently been ranked second to Tesla in Hazeltree’s reports for several months.
In April, short sellers’ interest in Chevron increased from 7 percent in March to 9 percent, resulting in a jump of approximately $500 million worth of the company’s stock being used for shorting, according to the report. During the same period, Tesla’s stock grew by 29 percent from the Earnings Call on April 23 to the end of the month.
Additionally, other positive developments in late April further contributed to the rise of Tesla’s stock. Notably, on April 29, Tesla gained approval for Full Self-Driving operation in China, resulting in a significant increase of over 14 percent in share value on that day.
This strong performance in the final ten days of April led to a significant impact on short sellers, causing roughly $5.5 billion to be taken from them.