Elon Musk. Picture: REUTERS
Elon Musk. Picture: REUTERS

San Francisco — It took a few weeks, but Elon Musk delivered the "short burn" he promised was coming for Tesla bears.

The 9.7% jump in Tesla shares on Wednesday — spurred by Musk’s optimism that the company will meet its next production target for the Model 3 sedan — cost short sellers $1.1bn in mark-to-market losses, according to S3 Partners.

Musk told shareholders at Tesla’s annual meeting on Tuesday that the company may even exceed a goal to make 5,000 Model 3s a week by the end of this month, thanks in part to the installation of a third general assembly line.

In early May, he tweeted that the "short burn of the century" was coming soon for those betting against the car maker.