Long

Tesla: 22 % Short Interest Rates

Updated

About Tesla? You can argue for hours to buy or to sell Tesla. Tesla has been everybody´s D
darling some years ago and now is one of Retail Investors most shorted stocks.

22 % of all outstanding shares from Tesla are still shorted.

Guess what happens now, if ever TSLA might rise only a bit further? TSLA today is at 226 USD. The All Time High is at 285. Each single US-Dollar this stock might go higher mountains the pain and pressure to any shortseller. The rest is pure mathematics.

Trade active

Fact´s & Figures:

- Sentiment: TSLA ignored last nights negative news about the miss of Q$/2016 delivered cars

Charts: A long lasting falling wedge speaks for itself

Outstanding shares: 161,09 Mio
ycharts.com/companies/TSLA/shares_outstanding

Short Interest Rate: 35.389 Mio
nasdaq.com/symbol/tsla/short-interest

Note

Fact´s & Figures:Tesla

Watch how the short interest rate rising from June 2016 until Dezember 2016:

12/15/2016: 35,389 Mio.
30/11/2016: 35,698 Mio.
11/15/2016: 31,530 Mio.

10/31/2016: 28,795 Mio.
14/10/2016: 28,136 Mio.
30/09/2016: 27,707 Mio.

15/09/2016: 27,885 Mio.
31/08/2016: 26,213 Mio.
07/29/2016: 26,963 Mio.

07/15/2016: 29,325 Mio.
06/30/2016: 30,951 Mio.
06/15/2016: 28,641 Mio.

Source: nasdaq.com/symbol/tsla/short-interest

Note

TSLA: Short Interest Rate 22%

Quote:
Tesla's Gigafactory ramps up to full battery production
By 2018, it'll produce as many lithium-ion cells as the rest of the world combined.

Source: engadget.com/2017/01/04/tesla-s-gigafactory-ramps-up-to-full-battery-production/

Note

TSLA: Short Interest Rate 22%

.

Important Issue most Investors missed to understand:
.

Quote:

Tesla acquires a German automation company to accelerate vehicle production
8 comments
by Jordan Golsonjlgolson Nov 8, 2016, 7:01am EST

Tesla has agreed to acquire Grohmann Engineering, a German firm that specializes in automated manufacturing. Founder Klaus Grohmann will also be joining Tesla and will head a new division within the automaker called Tesla Advanced Automation Germany.

Tesla plans to add an additional 1,000 engineering and technician jobs in Germany, on top of Grohmann’s existing 700 employees, over the next two years as the company looks to aggressively ramp up electrical vehicle production at its Fremont, California factory. Tesla has said it wants to increase production from around 80,000 cars in 2016 to 500,000 cars in 2018. Its more affordable Model 3 EV is expected to begin production late this year.

Source: theverge.com/2016/11/8/13561146/tesla-acquisition-grohmann-automation-production

Note

Sector Rotation: GM Descending Broadening Wedge

Note

Note

Tesla´s new Radar Technologie:

First watch this video ...

Tesla’s autopilot new radar technology predicts an accident, applies brakes before crash

youtube.com/watch?v=HJo2w7Qegus

This video was postet by Elon Musk. How many views you can read? 4.318 until today, Januar 10th 2017. If ever there might be any kind of "failure" any video got millions of clicks in a few hours or days only.

You can earn money from this. Be ahead of the crowd. You see that the upgrade is working succesfully. What did Tesla changed?

- faster chip (what you really can feel or see in this video)
- using radar instead of video cams.

You remember why TSLA failed to deliver 80.000 cars like announced in 2016? It was exactely this autopilot upgrade (hard & software) what cuts the number of delivered cars to 76k instead of 80k.

Watch Telsa to close in it´s ATH at 268 USD. If ever TSLA climbs above this number than short sellers need to buy TSLA stocks to close theire short positions.

Do you know the fact´s & figures? The short interest rate is still 22% - or 35 Million TSLA stocks need to be bought back. This is nothing else than an 8 Billion US-Dollar Stock Buy Back Programm. This 35 Million short sold stocks need to be bought back in a few days only.

Anyway: There are just 160 Million stocks outstanding. If ever Tesla offers any kind of stock split than TSLA can go rise up to 100 US-Dollar in one day or a few days only without any problems.

How?

Powered by 35 Mio. outstanding short sold stocks.

Note

I found this trading Idea:

Powerful b/o , above all SMA's, bulls in control

Note

Quote:

Tesla hires architect of Apple's Swift as VP of Autopilot Software

Tuesday, January 10, 2017, 02:38 pm PT (05:38 pm ET)
Shortly after it was revealed that Swift creator Chris Lattner is planning to leave Apple later in January, Tesla on Tuesday announced it has hired the expert away from Cupertino to serve as Vice President of Autopilot Software.

Source: appleinsider.com/articles/17/01/10/chris-lattner-joins-tesla-as-vp-of-autopilot-software

Note

Quote:

Tesla crosses 100,000 mark of electric vehicles delivered in US, halfway to phase out of $7500 federal tax credit ahead of Model 3

Source: electrek.co/2017/01/10/tesla-vehicles-delivered-us-federal-tax-credit-model-3/

Note

.
Quote:
Tesla reveals more details about ‘Gigafactory 1’: Model 3 battery pack, largest rooftop solar array in the world (70MW), & more

Source: electrek.co/2017/01/10/tesla-gigafactory-1-model-3-battery-pack-rooftop-solar/

Note

.
Quote:

Ever since Tesla CEO Elon Musk announced that the automaker will decide on a location in Europe in 2017 for what the company has been referring to as ‘Gigafactory 2’, several countries have launched efforts to convince Tesla to build the plant in their country.

Source: electrek.co/2017/01/08/tesla-gigafactory-2-french-minister/

Note

Quote:

Market Intelligence
Tesla Poached a Prominent Apple Product Designer
Don Reisinger
Updated: Jan 11, 2017 5:13 PM UTC

Apple has lost another designer to electric car maker Tesla.

Apple's director of product design Matt Casebolt has left the company for Tesla Motors, his LinkedIn profile shows. The move, which was earlier reported on by Apple-tracking site 9to5Mac, comes after 10 years with Apple, where he was involved in the design of several Mac computers.

Source: fortune.com/2017/01/11/tesla-apple-matt-casebolt/

Note

.

Elon Musk: Model S 'ludicrous' speed about to get more ludicrous
Published: Jan 12, 2017 2:00 p.m. ET

Tesla Motors Inc. TSLA, +0.16% CEO Elon Musk tweeted earlier Thursday that early results around a software "Easter egg" are "promising" and could enable a Model S equipped with "ludicrous mode" to go from zero to 60 miles an hour in 2.34 seconds. The mode currently allows the priciest Model S trim to achieve that same pace in 2.5 seconds. The boost would take the Model S around the same accelerating speeds of ultra-luxury cars such as Porsche's 918 Spyder and the concept car Faraday Future unveiled at the CES technology conference last week.
Source: marketwatch.com/story/elon-musk-model-s-ludicrous-speed-about-to-get-more-ludicrous-2017-01-12?siteid=bigcharts&dist=bigcharts

Note

TESLA: 8 Billion USD Stock "Buy Back Program" to start soon.

Actually the short interest rate in Tesla is 22% or 35 Million Stocks. 99,9 % of those stocks have been sold below 268 USD. If ever TSLA might rise another 30 USD than Investors need to cover 35 Million TSLA stocks. To buy this sold stocks back investors need to pay 8 Billion US-Dollar.

90efcf5696fb6d91896e-62c980cafddf9881bf167fdfb702406c.ssl.cf1.rackcdn.com/data/tvc_d654940518ef408c1f0a7a656750d51d.png

Note

Quote:

Renault reports record 2016 sales, expects further growth

Gilles Guillaume
Reuters
January 17, 2017 12:35 CET

PARIS -- Renault Group reported record sales for 2016 thanks to growth in Europe and in overseas markets such as India and Iran, and it expected more progress this year.

Sales rose 13 percent last year and vehicles sold in 2016 topped 3.18 million vehicles - a sales record, the automaker said.

"Our strategy of product range renewal and geographic expansion, under way for several years now, has proven to be successful. It enables the Groupe Renault to progress significantly in terms of volume and market share in every region," said Thierry Koskas, member of Renault's executive committee, in a statement.
Renault's figures painted a similar picture to that of rival PSA Group which last week also reported higher sales, with the lifting of international sanctions against Iran boosting PSA's sales there.
Source: europe.autonews.com/article/20170117/ANE/170119812/renault-reports-record-2016-sales-expects-further-growth

Note

Fact´s & Figures:
Tesla short interest rate unch now 21% (- 1,2 Mio.)

12/30/2016: 34,157 Mio.

12/15/2016: 35,389 Mio.
30/11/2016: 35,698 Mio.
11/15/2016: 31,530 Mio.

Source: nasdaq.com/symbol/tsla/short-interest

Note

Tesla with a huge spike & gap today.

invst.ly/33pbb

Expect much (!) more of this if ever TSLA is closing in 268 US Dollar. Keep in mind that this still 34,17 Million TSLA stocks are sold good for 8 b (!)US Dollar. All of those are "under water" if ever TSLA might cross 268 USD.

Note

Until now no gap close:
invst.ly/33s2o

Note

Quote:

Tesla shares rally to best level in more than half a year after nod from Morgan Stanley

Published: Jan 19, 2017 12:22 p.m. ET

marketwatch.com/story/tesla-shares-rally-to-best-level-in-more-than-half-a-year-after-nod-from-morgan-stanley-2017-01-19

Note

See how the Sentiment for Tesla is changing in a few days only:

Quote: Hot Stocks

The Surprising Reason Tesla Could Jump 25%
Donald Trump, once seen as a Tesla foe, may become its biggest fan, says one analyst.
By Emily Bary, Jan. 19, 2017 4:34 p.m. E

Perhaps Donald Trump will eventually add a few Teslas to his motorcade.

The “surprisingly supportive political environment” is one reason why Morgan Stanley analyst Adam Jonas just upgraded Tesla Motors shares to “Overweight,” recommending that clients buy the stock. Jonas thinks it could rise to $305, 25% above current levels.
While investors initially worried about Tesla’s prospects in a Donald Trump presidency, the stock is up 35% since early December, including a 2.3% gain Thursday, bringing the stock to $244.
Tesla’s CEO Elon Musk is a strategic advisor to Trump and is doing plenty of things that probably make the president-elect happy, like employing 25,000 U.S. workers and building what the company hopes will be the world’s biggest factory. “While we cannot explicitly apply a monetary value to this relationship, we believe this level of coordination with the new administration could actually evolve into greater strategic value than with the prior administration,” Jonas wrote in a research report Thursday.
Tesla got some other good news Thursday, when federal regulators closed an investigation into Tesla’s autopilot features, without finding Tesla at fault for a fatal crash last May.

barrons.com/articles/the-surprising-reason-tesla-could-jump-25-1484861654

Note

01/24/2017
TSLA jumps easily above 250 USD today. 99% of all short sold TSLA stocks will be under water if TSLA climbs above 268 USD. 34,17 Mio. stocks need to be bought back to avaid any losses. 34,17 Mio. stocks are equal to all traded TSLA stocks in 8 full trading days.
invst.ly/34q5b

Note

01/24/2017
TSLA closed today on the intraday high at 254.61 USD +5.69 +2.29%. All short sold stocks are under water if ever TSLA might rise above 268 USD. This is now only 13 USD away from todays close. Chart: invst.ly/34ugp

The next chart is showing TSLA from January 2015 until January 2017. 34,17 Mio. stocks are sold short and almost not a single one is below its selling price. Keep in mind: It needs the full turnover of 8 full trading days to cover the short interest rate. invst.ly/34uif

Note

Jan 31 2017

Fact´s & Figures:
Tesla short interest rising again to 22% (+0,9 Mio.)

01/13/2017: 35,040 Mio.
12/30/2016: 34,157 Mio.

12/15/2016: 35,389 Mio.
30/11/2016: 35,698 Mio.
11/15/2016: 31,530 Mio.
Source: nasdaq.com/symbol/tsla/short-interest

Note

Feb. 01 2017

Traders need to start to rethink about TSLA. The short interest rate is rising. More investors are betting on under delivered auto sales. Same time TSLA is changing to an "energy" company like GE or Siemens. Expect a nother short squeeze to come after Feb. 8.

Quote: Tesla drops 'Motors' from name as CEO Musk looks beyond cars
Stock Markets3 hours ago (Feb 01, 2017 10:10AM ET)

Reuters) - Tesla Motors Inc (O:TSLA) changed its name to "Tesla Inc" as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company.

In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity Corp.
Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder.
The new name is effective Feb 1, Tesla said in a filing on Wednesday. Source: investing.com/news/stock-market-news/tesla-drops-'motors'-from-name-as-ceo-musk-looks-beyond-cars-457195

Note

Feb 08 2016

Tesla may launch in India this summer: Musk
Stock Markets1 hour ago (Feb 08, 2017 08:01AM ET)

(Reuters) - Electric car maker Tesla Inc (O:TSLA) may enter the Indian market this summer, Chief Executive Elon Musk tweeted on Tuesday. Replying to a question on Twitter regarding whether Tesla plans to launch in India, Musk tweeted: "Hoping for summer this year." Musk did not offer any details on the plans.

Note

Feb 08 2016:

TSLA Ready for take off ... invst.ly/38csf
35 Mio. short sold stocks ---> all under water if ever tonights numbers pop TSLA only a few dollars higher.

Or let´s talk simple like Donald Trump:

TSLA´s short interest rate is "huge" and every shortseller will see a desaster. It´s terrible. I never have seen this before. They are all wrong! All wrong! Wrong! All!

:)

Note

Feb 08 2017: Tesla to start pilot production of model 3 cars in 2 weeks (!).

investing.com/news/stock-market-news/exclusive:-tesla-aims-to-start-pilot-production-of-model-3-cars-on-february-20---sources-458798

Note

Feb09 2017: TSLA now at 270 USD, leaving a gap open. invst.ly/38r2l

Note

FEB 13 2017: TSLA 280 USD, shortsqueeze now started as expected. invst.ly/39ga2

Note

FEB 13 2017: TSLA 280 USD, all time high only 10 USD away. Almost every short sold TSLA stock from 35.140.000 Mio. now under warter. invst.ly/39gan

Note

FEB 13 2017: TSLA launches in the supercar loving UAE with the Model S and Model X

Quote: TSLA launched a dedicated website for customers in the United Arab Emirates, CEO Elon Musk announced Monday, as the U.S. firm continues to expand internationally. The electric car company said it will begin taking orders for the Model S and Model X, with deliveries of the vehicles expected in the summer. Tesla will also have a pop-up store in The Dubai Mall and is building a service center in the city. It plans to open another store and service center in the UAE capital of Abu Dhabi next year.
Prices start from 275,000 dirhams ($74,872) for the Model S and 344,000 dirhams ($93,659) for Model X. Previously, customers in the UAE wanting a Tesla would need to get one imported. Now Tesla will be able to serve its fans directly in the oil-rich country. Source: cnbc.com/2017/02/13/tesla-launches-in-the-uae-with-the-model-s-and-model-x.html

Note

FEB 13 2017: TSLA is closing in to it´s all time high, adding more pain for shortsellers. invst.ly/39ird

Note

FEB 14 2017: TSLA 285.00 USD, only 5 USD short of its all time high.

Note

FEB 16 2017

Fact´s & Figures:
Tesla short interest falling bei 690.000 (only).

01/31/2017: 34,350,221 Mio.
01/13/2017: 35,040 Mio.
12/30/2016: 34,157 Mio.

12/15/2016: 35,389 Mio.
30/11/2016: 35,698 Mio.
11/15/2016: 31,530 Mio.
Source: nasdaq.com/symbol/tsla/short-interest

Note

FEB 17 2017 Tesla now expected to enter Korean market in May as government approves certification after delays
electrek.co/2017/02/17/tesla-korean-market-government-approve/

Note

FEB 22 2017: TSLA to ramp up Model 3 production to 10.000 car per week in 2018.
cnbc.com/2017/02/22/tesla-expects-to-volume-production-of-model-3-by-september-.html

Note

FEB 23 Tesla cheered for Model 3 plan, but Wall Street braces for fresh capital raise after earnings
Tesla expected to seek more cash, echoing Elon Musk comments; shares drop
Source: marketwatch.com/story/teslas-earnings-show-bull-arguments-are-stronger-than-bear-arguments-2017-02-23

Note

FEB 27 2017: Tesla stock slides more than 5% as Goldman downgrades it to sell
Published: Feb 27, 2017 4:03 p.m. ET
Source: marketwatch.com/story/tesla-shares-slide-more-than-3-as-goldman-downgrades-stock-to-sell-2017-02-27

Note

FEB 27 2017: To get a downgrade from GS is usualy something a market or a stock finally needs to start a sharp upmove.

Note

MAR 01 2017: After downgrade from GS TSLA did not made lower lows.

Note

MAR 01 2017: Tesla's China Sales Triple to More Than $1 Billion

bloomberg.com/news/articles/2017-03-02/tesla-overcomes-china-stumbles-as-sales-triple-pass-1-billion

Note

MAR 08 2017: After GS downgrade now futher downside momentum

Note

MAR 08 2017 Tesla battery packs power the Hawaiian island of Kauai after dark

Qoute: While investors on Wall Street debate whether Tesla's ambitious transformation from electric car maker to sustainable energy company will pay off, its industrial power packs are already having an impact on at least one state.
In Hawaii, the Kauai Island Utility Cooperative (KIUC) is now drawing energy from 272 Tesla power packs to provide electricity after dark. While the island previously relied on solar and other renewable energy during the day, it had no way to store the sun's power after it went down.
Using stored energy from Tesla's power packs is expected to save KIUC 1.6 million gallons of diesel fuel annually, which has traditionally been the way the utility generates power after dark.
Tesla says the power packs will cut KIUC costs per kilowatt hour from 15.5 cents down to 13.9 cents. The 13.9 cents is a fixed price for the next 20 years. Source: cnbc.com/2017/03/08/tesla-battery-packs-power-the-hawaiian-island-of-kauai-after-dark.html

Note

APR 02 2017: Tesla beats expectations, delivering a record 25,000 vehicles in Q1

Quote: Tesla said it delivered just over 25,000 vehicles in the first quarter, up 69 percent from a year ago and a new record for the electric-car maker. The figure beat analysts' expectations that Tesla would deliver around 23,000 or 24,000 vehicles, and came after Tesla missed delivery expectations in the fourth quarter. It also put Tesla on track to hit guidance of 50,000 vehicles to be delivered in the first half. Tesla said 13,450 of those vehicles delivered in the first quarter were Model S and 11,550 were Model X. The company said an additional 4,650 vehicles were in transit to customers, which would be included in Tesla's second quarter numbers. Telsa cautioned that the final numbers could vary slightly, by up to 0.5 percent. Tesla shares closed Friday at $278.30 on the Nasdaq, up slightly from the previous day's close.
Source; cnbc.com/2017/04/02/tesla-delivers-a-record-25000-vehicles-in-the-first-quarter.html

Note

APR 03 2017: New ATH for TSLA

Note

Huge momentum on April 3. 2017

Note

APR 03 2017: The reason behind the momentum now is going to the public

Quote: "Elon Musk mocks short sellers after Tesla stock surge"

By Noel Randewich
(Reuters) - As Tesla Inc's (O:TSLA) strong quarterly vehicle deliveries sent its stock to a record high on Monday, Chief Executive Elon Musk took a swipe at traders betting the luxury electric car company is on a road to ruin.

"Stormy weather in Shortville ...", Musk tweeted after Tesla's better-than-expected quarterly vehicle deliveries announced on Sunday sent its stock surging 5.8 percent.

Tesla said it delivered a record 25,418 vehicles in the quarter ended March, a 69-percent increase from last year and edging past Goldman Sachs' forecast of 23,500 vehicles. The Silicon Valley car maker in the past has missed production targets and its newest figures allayed fears of setbacks ahead of the hotly-awaited launch of its Model 3 sedan later this year. "This beat shows that they are managing production better," said Ivan Feinseth, an analyst at Tigress Financial Partners. Monday's surge in Tesla's stock gave it a market capitalization of $48 billion - surpassing Ford Motor's (N:F) $45 billion value and just below General Motor's (N:GM) value of $51 billion. Musk is correct about the misery suffered by those betting against Tesla, a popular trade on Wall Street where skeptics say the company is in danger of being overtaken by older, deep-pocketed manufacturers like GM. Tesla proponents, meanwhile. are betting it will become a carbon-free energy and transportation heavyweight. So far in 2017, Tesla short sellers have suffered paper losses of 27 percent, equivalent to $2.25 billion, according to S3 Partners, a financial analytics firm. To limit their exposure, short sellers have been trimming their bets against Tesla by buying back some of the shares they shorted. But since the stock has risen quickly, up 38 percent in 2017, their overall exposure to Tesla has grown. In the past two weeks, traders have reduced the total number of Tesla shares shorted by around half a million to 30.4 million. But since Tesla's stock has risen, the total value of short bets against Tesla has increased to $8.46 billion from $7.95 billion, increasing traders' overall risk, according to S3 Partners. "Shorts are rebalancing their exposure on this thing on a daily or weekly basis because it can pop so quickly," said S3 Director Matthew Unterman. Source: investing.com/news/stock-market-news/record-deliveries-power-tesla-shares-to-all-time-high-470894

Note

APR 04 2017, TSLA new ATH 303 USD.

Note

APR 10 2017 - Tesla briefly becomes No. 1 U.S. car maker, overtaking GM
marketwatch.com/story/tesla-briefly-becomes-no-1-us-car-maker-overtaking-gm-2017-04-10?siteid=bigcharts&dist=bigcharts

Note

APR 04 2017 - TSLA Short Interest Rate still 31 Mio

Comment: FEB 16 2017

Fact´s & Figures:

03/15/2017: 31,068 Mio
02/28/2017: 31,012 Mio
02/15/2017: 32,203 Mio

01/31/2017: 34,350 Mio.
01/13/2017: 35,040 Mio.
12/30/2016: 34,157 Mio.

12/15/2016: 35,389 Mio.
30/11/2016: 35,698 Mio.
11/15/2016: 31,530 Mio.
Source: nasdaq.com/symbol/tsla/short-interest

Note

APR 10 2017 - Tesla on track to close at new-all time high
investing.com/news/stock-market-news/tesla-on-track-to-close-at-new-all-time-high-473135

Note

APR 13 2017 - More pain to come for shortsellers: Tesla's upcoming all-electric heavy-duty truck.
Source: electrek.co/guides/tesla-semi/

Note

Elon Musk has the right idea: germany's carmaker Mercedes Benz is going to copy it:

Mercedes-Benz and Vivint Solar partner to compete with Tesla in home energy
Mercedes-Benz Energy will combine home energy storage with Vivint solar panels in the U.S.
Will be available first to California homeowners in the second quarter.
Product is very similar to those offered by Tesla.
Part of Mercedes' larger electrification strategy.

cnbc.com/2017/05/18/mercedes-benz-and-vivint-solar-partner-to-compete-with-tesla-in-home-energy.html

Note

Elon Musk is leaving presidential councils over withdrawal from Paris accord
Elon Musk said Thursday he will leave his positions on three presidential councils after Trump said the U.S. will leave the Paris Agreement.
Leaving the agreement is "not good for America or for the world," the Tesla and Space X CEO said in a tweet.
cnbc.com/2017/06/01/elon-musk-is-leaving-presidential-councils-over-withdrawal-from-paris-accord.html

Note

TSLA: New ATH

Note

Tesla jumps on report that it will soon be able to produce cars in China
investing.com/news/stock-market-news/tesla-jumps-on-report-that-it-will-soon-be-able-to-produce-cars-in-china-497237

Note

Tesla shares rev up as Model 3 deliveries to start in July
investing.com/news/stock-market-news/tesla-shares-rev-up-as-model-3-deliveries-to-start-in-july-501503

Note

China looks at ending sales of gasoline cars

China's industry ministry is developing a timetable to end production and sale of traditional fuel cars, state media on Sunday cited a Cabinet official as saying.
The reports gave no possible target date, but Beijing is stepping up pressure on automakers to accelerate development of electrics.
cnbc.com/2017/09/10/china-looks-at-ending-sales-of-gasoline-cars.html

SwissView

Also on:

Related publications

Tesla Will Rise At Least To 1.000 USD

by SwissView

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.