Hedge funds that bet against Tesla Inc (NASDAQ:TSLA) have lost an estimated $5 billion, according to a report carried by Bloomberg.
Tesla’s stock surged nearly 30% since the November 5 election, boosting the company’s value above $1 trillion and leaving speculators significantly out of the money.
Musk, who spent a reported $100 million backing the Trump campaign, may be put in charge of a newly created Department of Government Efficiency, or DOGE.