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:

If you liked this article you might like

Roku, Nucana and Other IPOs That Should Be on Your Radar in 2017

Alibaba Could Rally Another 27% After Already Doubling in 2017

Wall Street Deflates in Pullback After Fed Excitement, No Records for Dow

Markets Recede From All-Time Highs on Tech Selloff