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Tesla Stock Surges 38% in 8 Days Amid Short Squeeze, Rejoins Magnificent 7

Jul 8, 2024, 01:50 PM

Tesla's stock has experienced a significant rally, trading green for eight consecutive days, marking its longest winning streak since June 2023. During this period, Tesla's stock has surged by 38%, driven by better-than-expected delivery numbers, resulting in a 20% stock rally. Hedge funds had heavily shorted Tesla, with 18% of 500+ hedge funds tracked by Hazeltree holding short positions at the end of June, the highest percentage in over a year. This short squeeze has resulted in substantial losses for short sellers, totaling $5.7 billion last week. Tesla has rejoined the 'Magnificent 7' group of tech stocks, which have collectively outperformed the market, and is aiming for 9 straight days of gains.