Financial Times – Tesla shares surge again despite Saudi Arabian exit
- Tesla made the company the world’s second-largest carmaker by market value.
- The stock rose as much as 24.2 per cent to $968.99 about 12 minutes out from the closing bell, closing at $887.06.
- The stock has more than doubled since the start of the year.
- The stock notched their most actively traded day on Feb 4, with ~61 million volume.
- Tesla reported a $105 million profit for 19Q4 the week before
- Short squeeze – On top of the record dollar loss of $5.8bn in January, short-sellers lost a further $3.2bn as the extraordinary share price rally accelerated on the first day’s trading of the new month.
- Tesla’s recent delivery from its Shanghai factory to the China market added to the enthusiasm. It is the first fully foreign-owned car plant in the country.