Investors betting against South African billionaire Elon Musk’s Tesla saw Christmas 2022 as the electric car maker’s share price fell, MarketWatch reports.

Last Friday, on Christmas Eve, Tesla’s stock price fell below $125 for the first time in more than two years.

Tesla was the worst performing company in the S&P 500 and Nasdaq last week. Shares of Elon Musk’s company are on track for their worst month in December, their worst quarter since its inception.

Tesla’s market cap fell below $400 billion as the company fell out of the top 10 most valuable US companies.

But those who bet against Tesla through “short” investments, which count on a drop in the share price by a certain date, are waiting for a merry Christmas, according to the journalists of the MarketWatch website.

Ihor Dusanivskyi, one of the directors of the financial and analytical company S3, claims in a document published by the company that Tesla shares were the most profitable for “short” investments this year.

Bets against Tesla, a profitable investment in 2022

“Short sellers have increased their exposure to Tesla for good reason, as it is the most profitable dollar investment of 2022 from a short perspective,” Dusanivskyi noted.

Investors who used these types of investments to bet against Elon Musk’s company made $4.54 billion in December alone, with their gains up $13.74 billion from April, when the South African billionaire first announced he wanted to buy Twitter .

Tesla faced fresh pressure last Thursday after the company doubled its end-of-year discount for customers on its Model 3 and Model Y vehicles, sparking concerns that the automaker’s orders have plummeted.

Tesla customers in the United States are no longer eligible for a tax credit of up to $7,500 on electric vehicle purchases until the end of 2022, but that financial incentive could return next year.

There were also reports last Thursday that Musk would force Tesla to lay off workers and freeze hiring for next year, but the company has not officially confirmed this.