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Tesla (TSLA) shares turned negative as investors rotated out of tech stocks on Thursday. Shares of the EV maker had risen more than 2% earlier in the session.
The stock’s monstrous 11-day rally has left short sellers sitting on heavy losses. Earlier on Thursday, TSLA shorts were down about $7 billion in July month-to-date, mark-to-market, according to S3 Partners data.
"TSLA shorts have been getting squeezed since May and especially since the rally that started at the end of June," Ihor Dusaniwsky, managing director at S3 Partners told Yahoo Finance on Thursday.
Shares turned negative at around 11:30 a.m ET, falling as much as 3.5%.
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