Short positions on SpaceX have already reached 31% of the float, with nearly 200 million shares shorted. For every $1 move in the stock price, shorts see an unrealized gain or loss of nearly $200 million. When the stock price dropped 23% after the IPO, shorts once had an unrealized gain of $2.5 billion. But the subsequent rebound quickly wiped out those profits, and now they’re instead facing a $760 million loss.