Traders betting against Tesla got crushed Thursday morning after the electric-car manufacturer reported a surprise earnings beat on Wednesday.

According to data from financial-analytics provider S3 Partners, Tesla short-sellers absorbed $1.4 billion in mark-to-market losses after shares rallied as much as than 20 percent.

The gains wiped out close to 70 percent of Tesla short-sellers’ profits for the year, S3 wrote in a research note Thursday.

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