Musk Trolls Shorts as Tesla's Value Hits Record, Passes Ford
From Bloomberg
Tesla Inc.’s Elon Musk poked fun at short sellers as his electric-car maker’s stock surged to a record, vaulting its market value past century-old rival Ford Motor Co.https://www.bloomberg.com/news/articles/2017-04-03/tesla-passes-ford-by-market-value-before-musk-delivers-model-3“Stormy weather in Shortville...” the chief executive officer tweeted Monday, as Tesla shares climbed as much as 5.8 percent. The maker of Model S sedans and Model X crossovers saw its capitalization surge to about $48.2 billion, $3.1 billion more than Ford, the No. 2 automaker in the U.S. after General Motors Co.
Tesla has long been a popular target by short sellers such as Jim Chanos, who famously bet early on energy company Enron Corp.’s failure -- and was proved right. Short interest in Tesla has risen to 29 percent of its free float from a 52-week low of 20 percent in mid-October, according to Markit data.
Tesla’s move past Ford came one day after Musk’s company reported worldwide shipments of 25,000 cars and SUVs in the first quarter, exceeding analysts’ estimates. While Ford delivered about nine times as many vehicles in just the U.S. last month, its sales missed projections and the shares fell.
“I don’t know if people want electric cars, but people want Tesla,” said Ben Kallo, an analyst at Robert W. Baird & Co. “I’m not an Elon Musk worshiper, but people that would normally buy a Porsche are buying Teslas right now.”
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