Tesla's stock soars as Elon Musk does it again
Another win for Elon Musk and a loss for the shorts
Tesla CEO Elon Musk has delivered another blow to his doubters calling "2019 a turning point for Tesla."
The electric car maker posted fourth-quarter revenue of $7.38 billion and net income of $2.14 per share, both topped expectations. Cash on hand rose to $6.3 billion.
"For most of 2019, nearly all orders came from new buyers that did not hold a prior reservation, demonstrating significant reach beyond those who showed early interest. Amazingly, this was accomplished without any spend on advertising" the company stated in its update.
CLICK HERE TO READ MORE ON FOX BUSINESS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 338.74 | +18.02 | +5.62% |
Shares spiked in the extended session, if the rally holds into Thursday, shares will open above the $600 level and possibly at a new all-time high, according to Dow Jones Market Data Group.
Tesla, Musk hope to shock skeptics one more time
Looking ahead, deliveries in 2020 should "comfortably exceed 500,000 units" the company noted.
Short-sellers, those betting shares will decline, have long targeted Tesla and eccentric founder Elon Musk. After the company turned a surprise profit during the third quarter, shares have been on a tear, putting the 52 week gain at 90 percent.
Tesla passes $100B, teeing up big payout for Musk
Ahead of fourth-quarter results, short-sellers were already saddled with $3.94 billion in mark-to-market losses this year, S3 said, adding that those same skeptics saw $2.89 billion in mark-to-market losses in 2019.
FOX Business' Jonathan Garber contributed to this report.