October 3, 2018 / 2:02 PM / 13 days ago

Hudson Bay Capital holds short position on Tesla stock

TEL AVIV (Reuters) - U.S. hedge fund Hudson Bay Capital Management holds a short position in shares of automaker Tesla Inc, its chief executive said on Wednesday.

Sander Gerber told Reuters on the sidelines of the Sohn Conference in Tel Aviv that he took the short position because a number of employees have left Tesla, and due to what he deemed “unusual conduct” of the company’s CEO Elon Musk.

A Tesla spokesperson declined to comment.

Gerber did not reveal the size of Hudson Bay Capital’s short position, a trading strategy where a fund borrows a company’s shares and sells them in anticipation of being able to buy them back at a lower price and then return them to the lender.

Reporting by Tova Cohen and Steven Scheer; Editing by Kirsten Donovan and Alexander Smith

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