Oil company Chevron was the most shorted U.S. stock in April, overtaking long-standing top target Tesla as short-sellers up their bets on weaker energy prices, according to a monthly report by data and tech firm Hazeltree. Chevron topped the Hazeltree Shortside Crowdedness Report list as the most shorted large cap stock in the United States, which the firm compiles based on stock borrowing data globally from about 700 asset management funds. While the oil company has occupied second place in the last three months, April saw a jump of over $500 million worth of Chevron's total stock used for shorting, to about 9% from the previous month's roughly 7%.
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Determining exactly why VinFast stock made that massive jump isn’t easy. GameStop and AMC Entertainment shares rose about 74% and 78%, respectively. VinFast, GameStop and AMC shares are all heavily shorted, meaning a significant portion of their shares available for trading has been borrowed and sold by bearish investors betting on stock price declines.