The Financial Post reports in its Tuesday edition that since Donald Trump's election win, the hedge funds holding bets against Tesla have lost billions of dollars, as they feel the fallout of Elon Musk's strong support for the president-elect. A Bloomberg dispatch to the Posts says hedge funds that had short positions against Tesla between election day and Friday's close took an on-paper hit of at least $5.2-billion (U.S.), according to data compiled by S3 Partners. They were among a shrinking group caught out, as many of their peers unwound bets against Tesla over the past four months, according to separate data provided by Hazeltree, tracking the positions of more than 500 hedge funds. That adjustment of positions coincided with Mr. Musk's endorsement of Trump on July 13. The Tesla boss has emerged as Mr. Trump's biggest fanboy. Mr. Musk had used his position as the world's richest person to turbocharge Trump's campaign, making him one of the biggest donors of the 2024 election. Throwing his lot in with the president-elect now lines Mr. Musk up for a position of political influence, as Trump makes clear he is planning to reward loyalists. Since the Nov. 5 election, Tesla shares have gained close to 30 per cent.