Short sellers betting against Tesla have made an estimated $11.5 billion so far in 2025, making it the most profitable short position in the world, according to a new report from S3 Partners. The bearish sentiment comes ahead of Tesla’s quarterly earnings report, expected after the market closes.
Tesla shares have dropped 40% year-to-date, driven by weak deliveries, increased competition from Chinese EV makers, and controversy surrounding CEO Elon Musk’s political involvement with the Trump administration. Between January and March, Tesla’s vehicle deliveries fell 13%, raising concerns among investors.
Matthew Unterman, Managing Director at S3, said short interest in Tesla has jumped by about 10 million shares—or 15%—this year. That surge in short positions puts it ahead of even Nvidia, where short sellers have gained $9.4 billion.
“Sentiment around Tesla has worsened, and the company’s future path now depends on the clarity of its earnings results and forward guidance,” Unterman added.
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