Here’s how much Tesla short sellers have lost so far this year

Investors who bet Tesla Inc. stock would fall in 2023 are still deeply in the red even after “a very profitable April.”

That’s according to S3 Partners, a financial analytics firm which has access to and tracks real-time short interest data. Tesla

is scheduled to report first-quarter earnings later Wednesday, which could add to short sellers’ losses in the longer term.

See also: Tesla ‘warpath’ on prices puts profit margins in the spotlight

Tesla short sellers, frequently vilified by Chief Executive Elon Musk, have given back more than a third of last year’s $15.85 billion of mark-to-market profits, S3 said.

Today’s drop for the stock has given shorts about $218 million of daily mark-to-market profits, bringing April’s total to $2.16 billion of mark-to-market profits.

But even after the bountiful April, Tesla shorts are down $5.52 billion in the year to date, S3 said. Since Tesla stock began trading in 2010, short sellers are down $55.4 billion in mark-to-market losses.

Don’t miss: Tesla stock drops after another round of U.S. price cuts as earnings loom

Tesla is the No. 2 most shorted U.S. stock after Apple Inc.

since early March. Tesla and Apple stocks often trade places for the No.1 spot. Tesla short interest is around $15.42 billion, or 83.65 million shares shorted, equal to about 3% of the float. Microsoft Corp.

stock takes third place, S3 said.

Tesla has lost about 47% in the last 12 months, compared with losses of around 7% for the S&P 500 index.

So far this year, however, the stock has gained some 49%, compared with gains of about 8% for the index.