According to new research, short-sellers made billions of dollars this year by betting that the value of the company would fall.
According to an analysis by S3 Partners, shorts against Amazon shares made a return of $6.2 billion, making them the most profitable bet of the year.
S3 said that interest in betting against the stock of the company began to fall in April as the stock began to decline, but rebounded in September as Musk's acquisition of the social media company entered its last stages.
It's the second largest US short after Apple.
Microsoft founder Bill Gates is said to be one of the people who bet against the company.
This year, the value of the company has fallen. At its peak in November 2021, the company was worth $1.24 trillion, but it was worth $385 billion on Friday. The stock was almost $400 at the beginning of the year.
According to the billionaires index, Musk's wealth has fallen by $132 billion this year, and he is no longer the world's richest person.
High inflation and rising interest rates have caused the S&P 500 to sink by over 20% this year.
Even though several high-profile investors have begged Musk to bring his attention back to the car company, he has refused to do so.
He blames the Fed's interest rate hikes for making all stocks less attractive to own.
While he seeks to shape the social media site in his vision, the CEO of the company has sold a lot of their stock.
Musk said he wouldn't sell any more stock in the company for 18 months.
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