By Laura Sanchez
Investing.com – Betting against big tech stocks has proven to be one of the most profitable trades so far this year. Investors who took short positions on the 100 list of stocks, a heavily tech-weighted group, have made more than $60 billion so far in 2022. The index has fallen more than 22% since then. the start of the year, reports MarketWatch.
One of the short bets is Tesla (NASDAQ:). According to data from Ortex Research, short sellers have made around $7 billion on their bets against the company since the start of the year.
Earnings had topped $8 billion last week, before Tesla shares rallied over the weekend, cementing a rally that ended a historic streak of weekly losses.
Tesla has lost more than 28% of its stock value since the start of the year.
Gates increases his short bet
Tesla CEO Elon Musk continues his rivalry with Microsoft co-founder Bill Gates (NASDAQ:) on Twitter (NYSE:). This time because of Gates’ short position in Tesla, which is worth up to $2 billion.
He did this when he shared a poll asking his followers if they thought politicians or billionaires were less trustworthy. Over 75% of respondents said they trust politicians less.
A follower joked that he trusted Musk but not Gates, prompting the Tesla CEO to denounce Gates’ bet against the electric vehicle maker.
“Given Gates still has a multi-billion dollar short stance against Tesla while claiming to be helping global warming, I guess I have some trust issues with him too,” Musk tweeted.
“It was 500 million, but then Tesla grew a lot, so now it’s 1.5 to 2 billion,” the Tesla CEO added.