The stock is holding up well despite the negative news flow. All the bad news surrounding the company (price cuts, intensifying competitive pressure, product recalls etc) is already out in the market and should be priced in. Watch out for a sharp rebound in the stock as the news get less negative and the shorts start to cover!
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Why would shorts cover so early? Tesla is a constant disappointment. Don't be surprised if it goes below $120 with layoffs and price cuts everywhere