As investors of the Chinese e-commerce giant Alibaba (BABA) celebrated Thursday's first quarter earnings beat that has sent the stock climbing over 5%, short sellers in the name suffered a crushing blow.

Alibaba short sellers are down a whopping $2 billion in month-to-month losses this week, according to S3 Analytics. Year-to-date losses among the company's short sellers now totals $9.8 billion, a 66.4% decline.

Alibaba is not just the largest short in the Hong Kong and Chinese region, but the biggest short in the world, more than double that of electric carmaker Tesla (TSLA) . Alibaba's short interest more than doubled in 2017 alone.

The Chinese conglomerate is the worst performing worldwide short year-to-date, S3 said. Short sellers are now hoping for a market correction and for Alibaba to sink significantly as a result.

Shares of Alibaba were continuing their climb on Friday, up over 2% in afternoon trading.  

More of What's Trending on TheStreet:

More from Stocks

Watch Tesla's Battered Bonds as Musk Goes Begging Suppliers for Cash

Watch Tesla's Battered Bonds as Musk Goes Begging Suppliers for Cash

Video: Here Is How Tech Earnings Could Affect the Broader Stock Market

Video: Here Is How Tech Earnings Could Affect the Broader Stock Market

Stocks Fall Amid Trade Tensions, Ahead of Alphabet Earnings

Stocks Fall Amid Trade Tensions, Ahead of Alphabet Earnings

Intern Wrap-Up: Weighing in on Jim Cramer's AAP Conference Call

Intern Wrap-Up: Weighing in on Jim Cramer's AAP Conference Call

NYSE Trader Expects Blowout Earnings From Alphabet, Amazon and Facebook

NYSE Trader Expects Blowout Earnings From Alphabet, Amazon and Facebook