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.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
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.
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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.
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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.