Tesla (NASDAQ: TSLA) had its 13-day winning streak snapped at market close yesterday, but the automaker managed to add more than $200 billion in value over the period. Meanwhile, short sellers are feeling a more than $12 billion burn on the year, $5 billion of which has occurred this month.
Tesla shares rose more than 40 percent over the past 13 trading days as its market cap continues to rebound toward the $1 trillion level it once held. North of $800 billion, Tesla is the world’s most valuable automaker, holding a substantial lead over Toyota, which holds a valuation of $223.96 billion.
The gains were fed by numerous bits of positive news over the past few weeks. It initially started with the announcement of all three Model 3 trim levels qualifying for the full $7,500 tax credit.
However, more substantial developments came through over the next several weeks in relation to Tesla’s Supercharger Network and the North American Charging Standard, or NACS, connector that the automaker uses.
Ford and GM will adopt the NACS on their vehicles beginning in 2025. The automakers will also have access to 12,000 North American Supercharger locations starting next Spring.
The automakers have not been the only companies to adopt Tesla’s NACS connector, as a variety of charging companies have also committed to using it.
Tesla Investors have felt the benefits of the 137 percent gain so far this year, but short sellers cannot say the same. After last year, when Tesla stock fell considerably, the automaker has rebounded, and skeptics of Elon Musk’s electric automaker have lost $5.05 billion this month alone. For the year, a $12.7 billion cumulative loss has certainly hurt their portfolios.
The data comes from S3 Partners, a financial analytics firm (via MarketWatch).
Tesla shares were trading at $257.60 at the time of publish.
Disclosure: Joey Klender is a TSLA Shareholder.
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