Tesla CEO Elon Musk recently shared a response to news of the upcoming closure of a fund that was, among other things, short TSLA. The fund, which was also a vocal critic of Tesla bulls such as ARK Invest CIO Cathie Wood, is closing its doors amid notable losses.
In an announcement earlier this week, the Board of Trustees of Tidal ETF Trust noted that the Noble Absolute Return ETF (NOPE) would be closing its operation. In a press release, Tidal noted that liquidating and closing the fund would be in the best interest of its shareholders.
Elon Musk, for his part, observed on X, his social media platform that was formerly known as Twitter, that TSLA shorts seem to be gluttons for punishment. Musk’s comments seem quite justified considering that Tesla shorts have incurred heavy losses over the years.
“Tesla shorts sure are gluttons for punishment! I mean, how many times do they want to do this!?” Musk wrote in a reply on Twitter.
The fund, which was launched just last year, would be throwing in the towel with less than $19 million in assets and a notable 68% decline since the start of 2023. The fund actually showed some promise last year, but this 2023, it has been battered by a bullish market and the performance of stocks like Tesla.
George Noble, the fund’s manager, went long oil and gas stocks with the Noble Absolute Return ETF. He also shorted Tesla, Coinbase, DraftKings, Roku, and ARK Innovation ETF, which is managed by TSLA bull Cathie Wood. With the S&P 500 up more than 20% through July and stocks like TSLA recovering strongly, it was no surprise that the Noble Absolute Return ETF incurred heavy losses.
Don’t hesitate to contact us with news tips. Just send a message to email@example.com to give us a heads-up.