Betting against Tesla has burned yet another hedge fund
Each of GMT Capital's three Bay Resource long-short equity funds with roughly $3.3 billion in combined assets dropped about 10% in January, fueled by a short position in Tesla,Tom Claugus, who runs GMT, told Bloomberg in an interview that while Tesla"has done a good job getting to sustainability," the company's record valuation is"detached from reality."
Tesla was just one factor in January's loss, Claugus told Bloomberg. GMT's short position in the automaker, which it's held for years, is currently about 4.4% of its portfolio, according to Claugus. He's one in a growing pool of investors who have been burned by the Elon Musk-led automaker's searing rally that's sent the stock up as much as 250% from October 2019, when the company announced a surprise return to profitability in its third-quarter earnings.
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