In May 2024, Tesla has been identified as the most-shorted large-cap stock in the United States by data and tech firm Hazeltree. According to the firm’s Hazeltree Crowdedness Score, Tesla received a grade of 99, indicating that it is the security with the highest percentage of funds shorting it. This information was detailed in Hazeltree’s May 2024 Shortside Crowdedness Report.
Hazeltree’s Crowdedness Score evaluates securities that are being shorted by the highest percentage of funds within the firm’s community. TSLA shares topped the list in May 2024 with a score of 99. The data for this report was sourced from Hazeltree’s proprietary securities finance platform, which tracks around 15,000 global equities across different regions and is aggregated and anonymized from approximately 700 asset manager funds within the Hazeltree community.
Following Tesla on the list of the US’ most shorted large-cap securities are Microchip Technology Inc., Chevron Corp., Advanced Micro Devices Inc. (AMD), and Charter Communications Inc. Tesla is currently facing challenges leading up to its 2024 Annual Stockholders’ Meeting on June 13, where investors will vote on various proposals, including the ratification of Elon Musk’s 2018 CEO Performance Award and the proposed redomestication of Tesla from Delaware to Texas. As of now, Tesla trades at $169.32 per share, with a market cap of $539 billion.
DailyBubble’s perspective on this situation is that Tesla’s position as the most-shorted large-cap stock reflects the market’s skepticism or concerns about the company’s future performance. The upcoming stockholders’ meeting will be crucial in determining the direction of the company and its impact on investors. It will be interesting to see how Tesla navigates these challenges and addresses the issues raised by its shareholders.