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by hn_throwaway_99
2822 days ago
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Related question regarding burning the shorts. The SEC said the $40 million in fines would go to aggrieved investors in a court approved process. But the people who were hurt the most by Musk's initial tweet were short sellers with stop loss orders. But I don't think they would classify as "investors", considering they profit when TSLA goes down. Does anyone know how this process works, or do you think short sellers would have a claim to some of that $40 million? |
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The biggest burns are the people who bought in at $370 thinking that Elon Musk would be selling the company at $420.
Shorts may have gotten margin called, but the stock was skyrocketing on the news. Everyone who bought stocks during the tweet in question is basically able to sue for damages.