06:45 AM EST, 11/11/2024 (MT Newswires) -- Tesla's (TSLA) shares advanced 7% in recent Monday premarket activity, after rising more than 8% on Friday following President-elect Donald Trump's victory in Tuesday's election.

Since Trump's victory, hedge funds that had short positions against the EV maker lost at least $5.2 billion between Tuesday and Friday's close, Bloomberg reported Monday, citing calculations based on data compiled by S3 Partners.

The report added that as of Wednesday, only 7% of hedge funds were net short Tesla, down from 17% in July, citing weekly data provided by Hazeltree.

Tesla's market capitalization hit $1 trillion on Friday after its stock surged almost 30% since the Nov. 5 election.

Price: 344.26, Change: +23.04, Percent Change: +7.17