By Spencer Kellogg | Spencer_Kellogg
Shares of Tesla skyrocketed in after-hours trading today after Elon Musk reported “historic” earnings of more than $516 million dollars in Quarter 3. Tesla’s revenue was $6.82 billion vs. an expected $6.33 billion. The announcement was heavily anticipated after a turbulent ride for shareholders over the past year.
Tesla has bounced between a high of $380 and a low of $250 per share throughout the year and as of 5:50 pm on Wednesday was trading above $330 dollars in post-market trading. Musk and Tesla have experienced high volatility from short sellers, analysts, and those within the company itself. Musk infamously went on Joe Rogan’s podcast and lit up a blunt after promising to take the company private at $420 dollars a share. This led to several high-level employees quitting and a massive drop of more than $10 billion in market cap.
Musk settled with SEC last month in a deal that relinquished his control as Chairman of the Board but allowed him to stay on as CEO. Short sellers have attacked Musk at length over the past year with suggestions that Tesla’s production line for the Model 3 missing key targets and dates. In the end, Musk proved them all wrong.
The earnings report followed yesterday’s news that well known short seller Andrew Left of Citron Research had changed his position to long leading to increased activity surrounding the stock heading into Wednesday. Tesla reported a profit of $2.90 per share versus -$0.15 expected.