ExxonMobil Becomes the S&P 500's Top Large-Cap Seller

ExxonMobil Corp. (XOM) has now overtaken Tesla Inc. (TSLA).

What Happened: Until last month, Tesla held the title of the most shorted stock for four straight months as investors expected the company's share price to fall, Business Insider reported.

Using a "crowded score" to rank short bets, HazelTree gave ExxonMobil a score of 99, the highest level, indicating stocks that were shorted by the largest percentage of funds the firm tracks. Tesla is close behind with a score of 97. The firm's comprehensive data collection covers 12,000 global stocks and more than 700 funds.

Short selling is a common practice where investors bet against a particular stock by borrowing shares, selling them, and then buying them back at a lower price to return to the lender, thus pocketing the difference. HazelTree measures the "hotness" of a stock based on the demand and supply dynamics of short sellers.

When it comes to institutional supply usage, Rivian Automotive (RIVN) leads the way with 37%, significantly higher than ExxonMobil's 3.13% and Tesla's 2.67%. Although Tesla has posted an impressive 76% growth this year, it is currently facing challenges due to uncertain demand for electric vehicles and growing competition.