Tesla has finally been overtaken by GrubHub and Uber.
GrubHub and Uber at the end of October officially rose to the top of the list of the most profitable shorts of 2019, according to data from financial-analytics provider S3 Partners. Tesla took the top spot in August, according to Bloomberg.
As of November 12, GrubHub short-sellers had mark-to-market gains of around $810 million, data from S3 show. Uber, in second place on the list, has $660 million in mark-to-market gains as of November 12.
Uber shares have been trending down since the company’s IPO in May. Though their price increased slightly in October, the company gained the second-place spot on Tesla’s sudden rise late in the month.
In early November, multiple events weighed on shares and led to more gains for short-sellers. First, the company reported disappointing third-quarter earnings that sent shares down more than 7%.
Just a few days later, Uber’s post-initial public offering lockup period expired, which meant that millions of shares suddenly became eligible to trade. That sent the stock price down another 8%, and brought the company to its lowest valuation since it was privately held in 2015.
Tesla, on the other hand, recently broke free of a months-long slump when its third-quarter earnings beat Wall Street’s expectations, sending shares up as much as 20%. That pushed short-seller returns deeper into the red. As of November 12, Tesla shorts have $963 million in mark-to-market losses year to date, S3 said.