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Later, in a Twitter chat, Musk said Gates' Tesla short bet may have ballooned, and the latter would need about $1.5 billion to $2 billion to cover the short position.
On the other hand there is still a substantial short position which could help the sp to climb.
The 2.51% short position in IWM through Puts was established as the underlying traded at prices between ~$174 and ~$198.
They cut their net short position to 691,853 contracts from 753,301 in the week to June 13, bringing the two-week reduction to nearly 160,000 contracts, the biggest move in over a year.
We also continue holding a sizable, short position in long-dated US Treasurys until our momentum indicators suggest otherwise.