‘Short selling should be illegal’ – Elon Musk praised a crackdown on shorts by the world’s biggest pension fund


Elon Musk

Elon Musk took aim at short-sellers once again in a tweet praising the world’s biggest pension fund for cracking down on shorts.
“Bravo, right thing to do! Short selling should be illegal,” the Tesla and SpaceX CEO responded to the news that Japan’s Government Pension Investment Fund will no longer allow shares to be loaned out from its $370 billion overseas equity portfolio.
Tesla is one of the most-shorted stocks in the US, with about 23% of its publicly traded shares on loan.
Musk has previously described short-sellers as “jerks who want us to die” and “value destroyers.”
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Elon Musk took aim at short-sellers once again in a tweet praising a crackdown on shorts by the world’s biggest pension fund.

“Bravo, right thing to do! Short selling should be illegal,” the Tesla and SpaceX CEO responded to the news that Japan’s Government Pension Investment Fund will no longer allow shares to be loaned out from its $370 billion overseas equity portfolio.

Tesla is one of the most-shorted stocks in the US with about $8.3 billion in short interest, representing around 23% of the electric-car manufacturer’s publicly traded shares. The short-sellers include famed fund managers David Einhorn of Greenlight Capital and Jim Chanos of Kynikos Associates.

Musk is a longtime critic of short-sellers, who bet that a company’s stock price will fall. They borrow then immediately sell shares, with the goal of buying them back at a lower price, returning them to their owner, and pocketing the difference.

Jerks who want us to die

“They’re jerks who want us to die,” he told Rolling Stone two years ago. “They’re constantly trying to make up false rumors and amplify any negative rumors. It’s a really big incentive to lie and attack my integrity. It’s really awful.”

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Source:: Business Insider

      

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