Hedge funds that shorted Tesla just lost more than $5 billion

Since Donald TrumpThe hedge funds are clinging to bets against the election victory Tesla Inc. have lost billions of dollars as they feel the consequences of the special relationship between the president-elect and Elon Musk.

Hedge funds that were short Tesla between Election Day and Friday's close suffered a loss of at least $5.2 billion on paper, according to Bloomberg calculations based on data from S3 Partners.