Following the market meltdown, Tesla short sellers stand to gain around $1.4 billion

Paper profits from short positions in Tesla are expected to total almost $1.4 billion for traders in the electric vehicle company.

Concerns over Elon Musk’s dedication to the company’s future were raised when he announced plans to start a new political party in the United States on Monday, which caused the company’s shares to drop 7.5%.

Following Musk’s political announcement—which followed a public argument with Donald Trump over the U.S. president’s tax cuts and spending bill—shares dropped in early trade.

According to data analytics company Ortex, investors who gambled against the electric vehicle manufacturer would profit by about $1.4 billion at a price of $296 per share.