Is there any hard data showing that someone significant amount of short selling is caused by speculation and it's not hedging?
Short selling is used used as a hedge against downside risk of a long position. It's reasonable strategy for big investors who have huge stake on Tesla to short sell to manage the risk.
>A "short sell against the box" is also known as "shorting against the box." Sellers use this technique when they do not actually want to close out their position on a stock. The strategy is generally used by investors who believe the stock is due for a fall in price, but do not wish to sell because they believe the fall is temporary and the stock will rebound quickly.