Short-sellers are still choking from the 26 percent monthly rise in the stock price of Tesla Motors (TSLA). The bearish rationale is broken: Model 3's pre-order makes betting against Tesla a lost cause. Model 3 orders are now at 246,000 as at April 3, or $10B in sales. Last fiscal year, sales totalled $4.05B, giving Tesla a price / sales of 7.8x. Assuming the stock market sustains a forward P/S of around 8x, Tesla would be worth double where it is now some time after 2017. The company has lots of time to set up new factories, finalize the supply chain for batteries and parts, and to meet the backlog. It is probably a good idea to close the short position now on Tesla. If desired, longs may want to sell the stock at 280 and shorts may consider re-establishing a bearish bet later.