Elon Musk now launches Tesla 'short shorts', website crashes after inside joke

Telsa founder and CEO Elon Musk on Sunday launched an exclusive line of 'short shorts' on the automobile firm's website, three days after posting on Twitter that he might launch the fabric. Musk's latest product went live on Sunday morning (local time) and soon crashed the website.

READ: Elon Musk Trolls SEC And Short Sellers On Twitter After Tesla Stock Surges To New Highs

Tesla's short shorts sold out

Musk's shorts are available for $69.420 in five sizes with a reference to three Tesla cars - Model S3, X, Y printed at the back. The pricing could be a reference to the price at which he had announced he would be purchasing the shares to take the company private in 2018.

Musk announced on July 3 that the firm will be selling the short shorts in 'red satin with a gold trim' and in yet another dig towards the U.S. Securities and Exchange Commission (SEC), he said that he would be sending some of the shorts to the 'Shortseller Enrichment Commission' in order to "comfort them through these difficult times."

READ: German Man Accidentally Buys 28 Tesla Vehicles Worth 1.4 Million Euros

Musk has repeatedly joked about “short shorts” to short-sellers who have repeatedly borrowed the stock since they believed it was overvalued and then sell it immediately. If the price of the stock falls, it can be sold to make a profit. However, if the price rises, then it has to be bought back, consequently incurring a loss for the firm. 

Tesla witnessed a surge in short selling of its stock over the last few weeks with more than 15 million shares being sold short. However, the stock price rose to $1,208/ share making it the world's most financially valuable automaker.

READ: Elon Musk Reveals Tesla Building RNA Micro-factories For Firm Developing COVID-19 Vaccine

SEC has previously taken Musk to the court after he failed to clear a tweet about Tesla’s production. The tweets had cost Musk and his company $20 million. It further also led to the implementation of a requirement that his social media use would be supervised by Tesla. 

Tesla had previously sold 'Flamethrowers' on behalf of 'Boring Company', raising $10 million after selling 20,000 units. The firm does, however, continue to sell hats, joggers, hoodies, tee shirts, and a toy version of Model S, etc.

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