Tesla short-sellers sitting on $3.5 billion weekly profits: Ortex

February 25, 2021 7:26 AM EST

FILE PHOTO: Representations of virtual currency Bitcoin are seen in front of Tesla logo in this illustration taken, February 9, 2021. REUTERS/Dado Ruvic/File Photo

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LONDON (Reuters) - Short-sellers are sitting on estimated profits of $3.5 billion from their bearish positions on Tesla shares in the past seven days, as of Feb 23, data from financial analytics firm Ortex showed on Thursday.

The electric carmaker's shares slumped 17% the week through Wednesday off record high levels, as Bitcoin, in which Tesla invested $1.5 billion, pulled back sharply.

(Reporting by Thyagaraju Adinarayan; editing by Sujata Rao)

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